This!
This iteration of the iPhone and the whole 'S' cycle makes sense to me. Most people are tied to a 2 year contract, so users don't have to trade in every year for the new model. It's not intended for those already with iPhone 4 it's for those on 3GS contracts.
It only makes sense if we were in 2007 and Apple was the only company making smartphones. Apple is clearly operating in a vacuum and is oblivious to the rest of the world. They should be ashamed to bring this warmed over iPhone 4 to market,
after 15 months, with all the advances the competition has made in recent years. (and no, I'm not talking about iOS5 - I'm talking about hardware). Apple is well on it's way to
again becoming a niche market for geeks.