So a processor upgrade/new camera isn't worth it? I bet you're the type of person who would buy a physically redesigned iPhone 5 that had the same internals as the iPhone 4.
The iPhone is going to turn into an iMac in terms of design. At some point, the design will become so minimalist that there's going to be nothing more than spec upgrades.
I see your point, but they're two different markets - new features are constantly being added which change the design, etc. A computer is a computer, it has room in it to fit new bits and bobs in, and there aren't as many people buying them.
In times of old, every new upgrade meant a brand new looking phone, a brand new OS, etc. This appeals to a lot of people because they don't have to learn it again, but for the younger generation, it can get kinda stale - I know someone today who got excited over the inverted colours accessibility feature, just because it was different.
For the average consumer, why would they see the point in upgrading from a phone to another one that looks identical? Apple make a big point of not emphasising specs, they can't now just go and sell a phone, thats $100 more, just because it's got a faster processor, even I can't see the point of getting myself in contract hell for just that. Obviously that will be different for some people, but current iPhone 4 owners, of which there are a lot more than there were 3G owners, why would they upgrade? Apple have to keep changing their phone, keep it fresh, keep it new, or else people will get bored.
Well, that's what would happen with any other brand. I'm sure an iPhone 4S would still sell in bucket loads.
I honestly hope they bring out a completing revised version, I obviously won't change to Android or WP7, because I'm so firmly implanted in the Apple ecosystem, and love it, having upgrade to the new one every time, but for just a 4S, I'm not feeling it.