You guys don't see how apple works? All big iOS updates will be done to the iPhone FIRST - always it is their flagship iOS product. Remember iOS 4 wasn't available on the ipad till November? But available on the iphone in June? Same thing will happen again. iOS 5 for iPhone first, then iPad, and the cycle forever continues. You will see iOS 5 stuff in June.
But yes, this update is rather meh. No bump in storage and no new screen are deal breakers for me - no reason to upgraded at all.