I'm disappointed, and yet I'll still likely get it. I might even pre-order, and my reaction after the event was "no way I'll pre-order."
Why? Well, my wife's contract and my contract upgrade eligibility will be staggered if I get this. She has no desire to upgrade her 3Gs, but we could sell her 3Gs, she'd get my 4 and I could get the 4s for essentially between $0 and $25. $50 at most. That's worthwhile. She has no desire to go Android. AT ALL. Which means if I used my upgrade on say, the Nexus Prime or SGSII, I'd be locked into that phone for two years, while if I get the 4s, I can upgrade immediately when the next one comes out. (I'm upgrade eligible now, my wife in December, but she won't use it if she has the 4....we can keep on shuffling devices down....older one to her, new one to me).
The other thing is, while the beautiful larger screens and some of the capabilities of the newer Android phones look truly awesome, I don't think I'd be happy with the tradeoff. Sure, I'd like the better hardware, but I have never liked Android when I've used it...there's just small things that bug the crap out of me, and I use my phone quite a bit for gaming, and the selection of games is just nowhere near the same on Android. Also, with AirPlay mirroring, I might be able to use my iPhone as a console, provided the lag is low enough to make it comfortable.
The final thing is...Siri looks incredible. While it sucks that Apple is essentially forcing an upgrade for this feature, I think their strategy might work with me. Since I've seen the demo, there have already been three or four times I wished I had that capability, with its natural language simplicity on my phone already.
The ability to just say "let me sleep in an extra 10 minutes" would have been so nice this morning. From hands on early previews, people are saying it works every bit as good in real life with different people as it did on stage at the keynote. That's awesome.
So, yes, disappointed, but still likely to be mine.