I think Apple was expected to deliver a bigger update then the on they did now with the iPhone 4S. The only explanation I can give for that is the stock market prices who dropped after the presentation. And that is the most important item for a company: the stock market. If a company does well, like Apple did in the last few months, share prices went up. Now with the release of the iPhone 4S shares dropped just are the presentation which means that the shareholders were expecting something more innovative then this upgrade.