For base model purchasers, it's a small step backwards (due only to the GPU, not the CPU, as explained above) and (ultimately) a small price drop. I say "ultimately" because you could get an Ivy Bridge days ago for $1999 from resellers like Amazon, and today, you can get Haswell for $1999, so the impact of the lower MSRP doesn't really matter at present. Eventually, as resellers get stock and lower their prices, it'll reach a similar equilibrium.
At the end of the day, though, anyone dissatisfied with the loss of GPU can always buy an Ivy Bridge model. Problem solved.
I agree that it's an underwhelming update, but it's also pretty much
exactly what was expected. The only disappointment (again, for base users) is the modest increase in advertised battery life, but some users are suggesting those claims are actually understated. Pending a more empirical analysis of that issue, it's tough to draw final conclusions.
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Since you seem to be pretty knowledgable on this, do you think it's stupid to opt for the Iris Pro-only model (2.3/16/512) for $2400 the exact same price as the upper-level 15" with the same specs and the dGPU included? Also know I don't do any gaming.
You didn't ask me, but I'm going to chime in anyway.

Yes, that would be pretty dumb for anyone
except people who often use Boot Camp (since it defaults to the dGPU and doesn't switch dynamically). You can always use gfxCardStatus to keep the Iris Pro enabled if you don't like the dGPU for some reason, but at the end of the day, I would definitely love to have the option in my back pocket, no question.