What Apple really revealed today is they only do things in their time and care about profit margins. They don't cater to geeks. They care about money and if it just works for everybody including grandmothers. Never been a spec battle for them and I figure had they increased the screen size, they didn't want to lose ppi and create another fragmentation with the apps if it had a different resolution. People are mostly pissed with a few omissions like screen, design, and NOT changing it from 4 to 5. But everything inside has improved.
The 4S isn't a bad phone considering 4 was a great and popular one to begin with. You criticize the 4S, you are criticizing the 4 which looks exactly the same and internally worse. A contradiction there.
Apple still got bad press from Antennagate last year and they still made BILLIONS off that 4 model. But there is a feeling that Apple will NEVER be the same without Steve Jobs. This is the early signs for it. That keynote was snoozefest. Everytime Tim, Phil, or Scott talked on stage, you can hear Apple's stock drop.