Apple shareholders and gadget geeks are lamenting how an iPhone 5 was not announced.
One thing that occurs to me is that owners of the iPhone 4 probably benefit. Nobody is going to feel left out or insecure because they have an iPhone 4 rather than the marginally improved 4S. A real iPhone 5, however, would have made a lot of people feel inadequate for having the ‘old’ model.
Of course, it is exactly that pattern of new gadget envy that has allowed Apple to charge such premium prices for their gear and derive such substantial profits.