I'd say it was a worthy experiment that didn't work out. Analysts had been saying Apple needed a "cheaper" "new" iPhone. The $300 phone they wanted would have been suicidal (EPS would have badly missed). $450 might have let them "hit targets" but at no net profit relative to what they did this quarter. So it was worth a shot to see if they could drive higher sales by retooling "last year's phone" a bit rather than just keeping the old phone around like they have done in the past.
Perhaps they should try asking consumers before indulging in such wasteful 'experiments'. Within minutes of seeing both phones launched I knew the 5c was poor value compared with the 5s (and that's saying something, because the 5s ain't cheap!) I remember it was the same when I watched the G4 Cube launched years ago. I really liked what I saw—right up until the moment Steve announced the price, and all of a sudden I knew I wouldn't be buying one. When that kind of thing is so instantly apparent, I struggle to understand how Apple decision makers weren't able to put themselves into the mind of the consumer. In this case I guess they overestimated the emotional/irrational appeal of pretty colours.