Please explain the complacency?
The iPhone is the top selling smart phone in the world and people are still buying it. I think it would be a smart move for Apple to wait a year before releasing a brand new iPhone (although I'm not ruling out a minor upgrade in the midterm). Just think of the hype that Apple will have if they introduce a newly designed iPhone next year.
And think of lost business from people eligible for an upgrade switching for whatever reason (and this thread shows there are people like that). Both of our comments are hyperbole, I just don't see how you can put an entirely positive spin on something that COULD be damaging.
Now let's discuss your comment of "no new iPhone means no return business".
That's too funny. I know many people who have decided to purchase iPad 2's this year instead of a new iPhone. Which means more money for Apple and hooking people further into iOS. Simply brilliant.
Just as I know people who have decided to leave the iOS system this year because they've felt the iPad 2 doesn't fit their needs and who are moving to new contracts with rapidly moving Android platform phones. Don't get me started on a number of 'businessy' type friends who are sycked about the range of new BBs coming out soonish.
Imagine if Apple can get their customer base to buy a new iPhones and iPads on alternating years.
Also remember, most people aren't like you. They don't like buying new phones every year and they don't like feeling like their phone is old either. If you want to go experiment with a new toy/phone, go for it. Like everyone I know who tried an Android product you'll be scratching head wondering why you ever switched.
Ehhh.... more hyperbole for me I'm afraid. I dabbled extensively with friends' Android phones and there are parts of their system I LOVE. Of course, there are many, many bits Apple do better, but competition is catching up quickly.
I don't think having two year cycle is a bad thing IN THE FUTURE. However, doing it now, at a point which I consider a tipping point for smartphones, could be very costly. Of course, the iPhone won't sink away into oblivion but Android is on the march, RIM could be about to steal back their corporate marketshare with their new phones. I don't know if Apple holding back the next iPhone for 3/4/12 months(?) is necessarily a good idea with the competition on the march.