Love it. This is how I see it too. If a revamped 4s is all they have, you would think they would have done a better job handling expectations, like they did when they leaked WWDC would be software only.
If one phone--redesigned 4-- is all they have, then they've done a lousy job of managing expectations. Not an Apple trademark, I think most would agree. In 16 months, you would think they would do more than just upgrade a few specs on an existing shell. I'm just assuming the later than normal event date means they were waiting for more than just ios5 and icloud. People are expecting something major in hardware and there will be he'll to pay in the press if they don't get it.
and don't forget that Google has the Nexus Prime coming out shortly after the new iPhone. If Apple underperforms, google will be in great shape to take advantage. The Nexus phone address a lot of the issues of android (lack of updates, carrier "skins, etc") so a new nexus after a substandard apple whatever presentation could be bad news.
Regardless, you can absolutely expect to see the press run "iPhone x vs. Nexus Prime" articles. Hopefully the iPhone will stack up well in those articles.