Wow, so you're just quoting Phil Schiller here like a zombie, aren't you?
The appeal for people to upgrade from last year's iPhone (or iPhone 6s) to iPhone 8 has never been so low in comparison to previous iPhone releases. The difference between the iPhone 7 and iPhone 8 is marginal.
It has never been that way, there have always been (more or less) major and attractive new features that made people upgrade. And, more importantly, you didn't have much of a choice, did you? The features were enough to convince yourself that it might be a good idea to upgrade the device. Now, with knowing that there is a real flagship, the difference becomes a lot smaller.
This year however, you'll have the choice between reasonably staying with your current iPhone (7 / 6s) or upgrading to iPhone X - which a lot of people won't be able to - so they'll eventually decide to stay with their current devices.
As a shareholder, this should be a major concern.
Personally, I'm sitting here with a iPhone 7 128 GB, thinking about upgrading to iPhone X. But I don't want the ******** 64 GB version. I want 256 GB. But I'm in Germany, so getting the iPhone X with 256 GB + leather case + Apple Care + will add up to almost $2000. So you see that this might be a problem for apple, charging the same amount of money for a phone as for their Macbook Pro line?