I imagine that at least some of the disappointment is due to a lack of surprises. We've pretty much known for months that at a minimum the new iPhone (whatever model number it ended up having) would have incremental improvements over the iPhone 4. That is, we expected to see the A5 processor, and a better camera, slightly better battery life, etc. But we were simulatenously hoping that Apple would throw us a curve ball too, something that no one had predicted, whether that was a new form factor or, you know, ... something else. There was no "one more thing".