I have a few thoughts on the iPhone 5, and I think it's ready and was supposed to be announced yesterday by Tim Cook. However, given the earthquake/tsunami, production wasn't ready for an October delivery. Here's some food for thought: Tim Cook had a prepared presentation for the Keynote, but it was to introduce the iPhone 5 after Scott introduced the 4S, this is why Tim didn't present The new 3-model setup was to be iPhone 4 for free, 4S for $99, and iPhone 5 for $199. The 3GS won't run iOS5 nearly as well as the 4, Apple really didn't want to sell the newest OS on hardware that can barely handle it Tim couldn't announce the iPhone 5 and then say it'll be ready in 4-6 months, that would cannibalize into 4S sales and really hurt their shareholder confidence Upgrading current production infrastructure to build 4S over a 4 is a lot easier than building up a whole new production infrastructure for an iPhone 5, hence the delay in the iPhone 5 and not the 4S After the tapered model leak and a lot of case makers on board with it, along with the 16 month hiatus it just seems a little odd that the 4S (despite it being awesome, I'm very excited about it) is the only phone. Apple is successfully selling a 3GS alongside a 4, so obviously having 2 or 3 models in stores is a worthwhile product endeavor. Yesterday would have been a monster success with a two-product introduction, Apple knew it, and that was the plan until production prevented it. My 2 cents.