I think the big missing WOW factor here is, is the iOS. The iOS could use some improvements such as more gestures, better multi-tasking, stocks, calculator, weather, a full screen or sidebar notification center, etc. I and i'm sure others were hoping for some neat iOS features or at least a mention of an iOS upgrade later in the year like they did the last time.
Steve Jobs was always about the WOW factor and quite frankly it seems there's just no WOW in all of this. True, retina is awesome feature nothing wrong with that but you gotta add that extra pizzazz to get folks to WANT to upgrade no matter what....And that was something that Steve Jobs was really good at doing. This is a huge upgrade to iPad 1 owners but mostly incremental to iPad 2 owners. Add in iOS updates to the pie and you just added something more "wanting" added with the hardware. Remember, it's about the hardware and software.