Does anyone think that the iPad 3 is a bust?
Yes, millions, no doubt.
But many more millions will probably love it. I think your post relates more to whether it's worth upgrading from an iPad 2, which is a completely different question.
I don't see any new features that are really "wowing" me right now.
Firstly, don't forget that many features were leaked to the public way in advance, thus negating any "wow!" effect. On the contrary, because several other rumors did not prove to be true, it's easy to be disappointed because expectations were simply too high.
Secondly, have you had any "hands on" experience with the iPad's retina display yet? If not, don't worry, I haven't either.
But because it's impossible to render an impression of it using a lower resolution display, we might find it absolutely gorgeous when we see it for real for the first time.
I can't see myself ever taking advantage of a quad-core processor on an iPad at this point.
For me, the quad core GPU is simply a necessity to drive the huge (4x) increase in the number of pixels, which will probably easily consume any extra horsepower that the additional cores can provide. So I agree with you that it's not a reason in itself to upgrade to the new model.
The only feature that I see as being innovative is the ability to take advantage of a vast majority of different WiFi and data networks. I can't see myself upgrading anytime soon from my iPad 2.
I'm not sure it's innovative. It's just keeping up with the times IMHO. But it's very welcome all the same.
Whether you find the new iPad a worthwhile upgrade depends on your usage profile. For example, if you find small text on your iPad 2 perfectly acceptable, take most pictures and videos with your iPhone and either don't have 4G/LTE in your area or don't have a contract allowing you to download oodles of data without having to check your wallet first, then the new iPad is probably not for you (yet). But that doesn't make it a bust...
I must say that I only wish some more of the iPad rumors were actually true.
There we have it.
It's all a matter of expectations.