You contradicted yourself a few times... You say that this isn't just a small update but then you say that all the things that Apple is doing is not innovation. Front facing camera, done, UI, done, Multitasking, done, big screen, done...
So what is going to be so great about the next iPhone? Also maybe you should be thinking that if all these things have been done before then why didn't Apple do it?
Everything from the original iPhone had been done before when it came out. What made the iPhone great was that it had never been done all together and not done so well. That's exactly why people are excited about these other phones. Why shouldn't they be? So the step from iPhone 3Gs to EVO 4G isn't as big as Moto Razr to iPhone... big deal. EVO 4G still tops the known upcoming devices as far as functionality and specs go. That is not to say that Apple won't pull off something amazing, which I hope they do.