One thing to remember was that when the phone was just a rumor, it was hard to imagine why it would be that great. The goofy image that Steve showed on stage of a rotary-wheel on an iPod wasn't that far from what a lot of people were imagining. But I agree, it's a different game now and they're held to a remarkably different standard.

Given how much cash they have, and the lead time it affords, I would not be shocked if Tim Cook's strategy involves letting the expectations bar get lower and lower -- it could only help them (to a point, obviously).

Or in five years we'll all look back and say it was elusive magic that's never coming back ;)