Yes, it should have happened in 2013. Now Apple is already late, and competitors are getting better and better. The MacBook Air is no longer the best thin-and-light laptop out there.
Apple should release something really neat to make up for all this lateness. A 12-inch MacBook Air with a 2304x1440 resolution and the same size and weight of the current 11-inch MacBook Air will simply not do. We already have Windows alternatives that meet such requirements, and Apple will not be innovating if it does just that.
Give us stellar battery life (24-hour?). Make it impossibly thin and light. Make it really cheap. Come up with something to amaze us with something.
Make it better than the Asus Zenbook Infinity, the Samsung Ativ Book 9, the Sony Vaio Pro, the Microsoft Surface Pro 2, the Lenovo IdeaPad Yoga 2 Pro, the Acer Aspire S7...
We are already impressed by these laptops. Now Apple has to come with something really amazing, that these laptops have not yet achieved. That's the price Apple has to pay for a 2014 release. At least it is how I see it.
The market share of Apple's laptops have fallen from 2.6% last year to 1.8% this year, as the latest news tell us. It seems to me that people will not pay Apple's price premium if they do not receive premium products in return.
I definitely won't pay a price premium just to use OS X. I want hardware that is better than the ones the competitors can offer. The MacBook Pro with retina display managed to do that in 2012. Now I want to see if Apple will meet the expectations in 2014. Let's see if Apple really deserves to be the world's largest company.