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As a 16 Pro Max user, I don't see this as a significant upgrade and I am more than happy about that.

I don't think it is meant as an upgrade for people like me though as most people are not upgrading yearly anyway. I simply don't need to and can afford not to.
 
There isn’t much of one. From what I can see the only differences are:

48 MP Telephoto Lens
Better Digital Zoom
3000 nits of brightness
Improved Ceramic Shield
Better Chip
Improved Battery
 
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