If there's nothing new in the new iPhone, why didn't some competitor start selling the new iPhone months ago? By your logic, they could have made a killing!
Obviously there's something new here (and objectively, there's plenty, you just refuse to admit it), or this would not be selling as fast as it is.
Actually, no one could quite sell the iPhone. First, to Android fanboys, the antenna design is still maligned rightly or wrongly so no headset maker would want to release one with a similar design.
Apple also has patents on a lot of unibody manufacturing processes.
And Apple's iPhone 4 design was beautiful (although controversial). I don't think they were going to abandon it so quickly and it wouldn't surprise me if it was with us for a while in some form (the iPhone 5). I don't view the design of the phone's appearance as different, which disappoints some (I'd like to see an iPhone instead of in different colors in outright different shapes, like a 3GS type model and a iPhone 4/5 type model at the same time...some day, it may happen!).
Another thing new is the Gobi chip. But that was because Qualcomm couldn't get them in high enough yields last year.
As far as what's actually new technologically in this phone? Nothing I can see, except it might be the first to bring Gobi to market, allowing it to be thin and light. Make no mistake, there was no innovation here. Period. The innovations are a faster chip, a longer screen, and buying better chips. And thinner, if that's what you're into (I'm not. I was playing around at work with an iPhone 4S-mine-and an iPhone 3GS and we didn't understand why it needed to get smaller).
I will say the iPhone 5 is a really nice device-if you're already in the Apple ecosystem or don't want to buy google. And if you want to buy in. But I will hold steady to my opinion that Google's offerings ARE superior in innovation and technology by this point-a size for every person, as well as a flavored OS for everyone. But I will never, ever buy a phone or anything from Google as a company, and thus, I'm stuck with Apple. And its a good phone by the looks of it. Just not an innovative one. Not every Apple product needs to be revolutionary (How long before this current Macbook Pro has it been since there was a Macbook pro with more than just better chips?). I think some people (like me) are offended that Apple has ceased to innovate, claims they do, and then sues people that takes what made their products great and make them better. If Samsung's SIII was licensed to run iOS by consumer choice, there would be no excuse to buy an iPhone. Its just that much better. But its not, nor will it be, and that's just the reality of the situation-and Apple in particular.
Still though, the iPhone 5 I believe will be the sexiest phone on the market. There's nothing wrong with owning a gadget that you think is a work of art. That's half the appeal of Apple products anyway. Its not a fashion statement to carry them around if you're marveling at the fashion of them without anyone involved.
But beyond fashion, where's the innovation? Its not there. Period.