Those who kept saying this is a "software" event must have never watched any of the previous WWDC keynotes. This is in fact the ONLY one without a hardware announcement, and back in Jobs days hardware made up half of the time.
Do you honestly think they'd want to talk about tweaking colour saturation of a photo, if they had an iPhone or an iWatch to talk about? Under Cook, things are just not happening fast enough. He doesn't have the audacity, the charisma and the craziness of Jobs to challenge his team with impossible deadlines. I'm not saying Cook is not a good leader. None of us could do what he does. But the magic of Apple is gone with Steve. When Steve announces something, you see that genuine proudness - an almost (deservedly) smug feeling - which is only there if you had tremendous passion and has gone to impossible length. Only when you had focused on something so intensively - as if you life depended on it, as if it is your own child, you make the impossible possible.
With Cook, you won't have that intensity. He is not a product person. He spends a lot of his time meeting officials in China and working on green initiatives, and on just about everything else a company of Apple's size should worry about. With Jobs, you had this feeling that he'd shut off all the ********, wake you up at 3am, bug you every minute with a call, until that important product is ready and that impossible deadline is met. If Jobs made Apple a "startup" fortune 100, Cook is undoing it by making Apple just like everyone else.