*It is worthy to note that below are not my personal feelings on the company, but reasons for this issue. I do believe that Tim is telling the truth about the "Army of New Products", and any of products that launch in new markets won't be seen until 2014...we just need to be patient.*
Here is why Apple is in this situation, and why people feel they are not innovating lately:
(1) Fall Release Schedule: having most of their products stacked into the end of the year, as opposed to the every few months from the 2007-2011 era is a big factor. Apple isn't getting press for new stuff as often.
(2) No Large Screen iPhone: Say what you want, but investors and consumers have been wanting and expecting it since the iPhone 4S. All rumors back then pointed to the Teardrop phone that never materialized, and then Apple went tall. Again, not debating if a larger phone makes sense, but I can tell you that half of my family is waiting out for a larger iPhone, and wont buy the 5 or 5S because they feel that isn't enough. Many people feel the same. The 5S is selling fine because of Apple's ecosystem, but many people want a larger phone.
(3) Mac Decline: Part of this is the PC industry shrinking, however another part is that Apple has neglected the Mac the past few years, mostly on the Pro and Software side. Final Cut Pro X was badly mishandled, iWork hasn't been updated since 2009, Aperture is badly overdue, Logic was until recently, Lion/Mountain Lion were largely focused on iOS integration rather than desktop features and more. Add this to the fact that pro market is not happy, largely with the years between the Mac Pro, the dropping the 17" Macbook pro, and the outdated Retina Macbook Pro's. Definitely a lot of sales waiting to happen in this space. People in general haven't needed to update computers as often either, largely because performance has peaked and most general software doesn't need the latest and greatest in hardware.
(4) Apple TV: Apple TV's still do not have an App Store. I love mine, have many, and have had them since the beginning. Apple's "hobby" is still in the back seat, but they need to get this in gear. And that doesn't mean they have to build a TV set. The potential for this product is huge if they focused the right energy on it. Part of this delay has been the studio's lack of dealings with Apple, so Apple seems to simply be holding off until they can do everything at once. Having that Steve Jobs quote in the Autobiography toward the end of his life about "finally cracking the TV" didn't help this matter, and probably pushed expectations out long before Apple was ready to release it.
(5) Impatience: People forget that innovative products don't happen every year. People are so eager to see what Tim will do without Jobs that they forget there it took three years between the iPhone and iPad to come out (and they are largely the same device). Also, anything that comes out still for the next two years likely had a lot of Steve Jobs influence, including the overall roadmap and release schedule. The only thing that we have seen that he had nothing to do with was the design of iOS 7. That was purely Ive, and on this one it seems Jobs actually liked the Schuemorphism.
(6) iOS 5 & 6: These updates, largely the maps debacle, hurt the company. Most did not see them as pushing forward and instead of just playing catchup with Android, and in some cases still haven't (hence features like "Control Center" finally coming in iOS 7). Siri was also a big letdown after the initial fun people had with it.
(7) iPad 3/4: Having the Retina display was huge, but many people (myself included...have the 3, no need for me to upgrade to the 4), are waiting out a redesign. Sales of iPads have dropped lately, and this should change once the new one is released in September. Many iPad 3 customers likely didn't upgrade to the 4 because the features and design was too similar. People in general seem to hold onto their iPads longer than their phones.