The blown out highlights were what I couldn't help noticing during the presentation too. I was hoping it was due to the limitations of filming a projected screen or something, but even on their new
promo video for the iPhone 4S, it's there. If you didn't spot it, pause the promo video at 3:06 and have a look at the highlights on the girl's skin. You can see it on the squirrel photo too.
Some people are complaining here about JPEG compression. Really? If no one told you, would you be able to spot the compression artefacts on these images? But to me, those blown out highlights are really obvious, and once you lose the detail in the highlights, no amount of correction in Photoshop can ever get them back.
My fear is that Apple has set image processing to produce photos that look punchy on screen, but in so doing have sacrificed detail in the highlights. That would be a real shame for what looks to be amazing optical hardware by consumer standards.