Well I will take a stab. The main things that are new in iPhone 4.0 software are multitasking and folders. These things are trivial. My phone is jailbroken and I hardly use multitasking. It's not that I don't want it, it's just a regular feature any smart phone should have. Apple imo has always been known for being one of hte most innovative companies. I bought the iPhone because it combined a lot of features and honestly, because everyone said it was the best. With that said, Apple is no longer pushing to be the best. I don't know what happened. Maybe Steve had something in his life change after the battle with cancer. Their products rarely offer something innovative anymore. I got the point that they take things and do them better, but if they are things that another company has managed to do an ok job at, it's boring to see it replicated in an Apple device.
Simply put, Google is getting the WOW factor. Apple needs to get the WOW factor back. They will never do it unless they start taking some risks. I don't know if a high resolution screen is enough to keep the general public anymore. And yes the general public IS getting more and more into specs.
When I first got into computers, hardly anyone knew what ram was...Now everyone knows what ram is...When I got into smart phones, hardly anyone was paying attention to specs, now they are. The game has changed because smartphones are becoming the norm now.