Back on topic...
The discussion is relatively academic, the iPhones success has never rested on its actual technological prowess but rather the hype machine and the buzz created as word spreads.
Other Macfans have described Apple not as a brand but a lifestyle choice, picked for its fashion statement rather than as a functional utilitarian device.
The most obvious expression of this has been the white "mug-me" headphones that people wear, even though the actual sound quality and build quailty from them is awful and any audiophile worth his carrots would spend a few dollars on a good set of Bose, Skullcandy, Sennheiser or Sony.
Apple stock dropped 5% after the 4S was revealed meaning the collective psychology that makes up the perception that "bad product made fashionable means good product" has fallen flat on its face. There is only so far you can push an incremental upgrade whilst your conpetitors are already miles ahead and screaming away further with each passing day and stockholders will demand that Apple raise the bar and actually release an amazing product.
If it has a dual core it needs to have the highest mhz rating or benchmarks showing highest performance.
If it has a camera, good lenses ad fast shooting or not it needs to be backed up with an industry equaling or new industry best MP rating, otherwise the lenses are just making up the cheapness of hashing out 3 year old camera tech.
Expandable memory, if people really want 64Gb on a phone then stop raping them with inbuilt for the massive upsell premium, let them put a microSD card inside, but thatwon't do because people won't buy their microSD card from Apple and the only person that pleases is the stockholder, not the customers.
Swappable battery, same arguement as above, won't always buy it from Apple and the only person that pleases is the stockholder, not the customers.
Screen size, for the iPhone to claim to be an industry leader we would expect a minimum 4" screen but keeping the measly 3.5" in order to maintain pixel density is insane, we want bigger screens so just increase the resolution so you don't waste the Retina label.
These are thing that should have been done and been pushed out as the iPhone 5, and maybe they will do these for the next release, but by then the hardware from rivals such as Nokia, Samsung, HTC, Motorola, etc will have advance to the next level, over the hills and far away.