This is all about lack of innovation at Apple, a concern that has reportedly been discussed as high as the Apple board level. Milking profits out of their current products is a great short term strategy, but a failure as a long term strategy. And no, a watch that displays time for less than 3 hours a day won't solve the innovation problem.
No, this is down to perception because Steve Jobs isn't presenting keynotes anymore.
Read Steve Jobs' biography. It clearly shows how, when he returned to Apple, he ensured the company would last without him. It mentions things like Steve's belief that a company can be more innovative than one person.
People's utter inability to see past Steve Jobs' charm (or present day lack of it) and look at products, company practices, etc as a whole astounds me.
Here's a blog post from 2009 discussing how Steve stepping back could spell trouble: http://content.time.com/time/magazine/article/0,9171,1870502,00.html
Not one person has said "Yeah, Apple started to lose it in 2009" but instead talk about how uninspiring the iPhone 5 was (when we know Steve Jobs worked on the iPhone 5).