Now about what would they expect from the iPhone 5, that's more complicated. Look, they created an amazing smartphone out of nowhere, then they did the iPad and then they even did the cheaper MacBook Air. I guess people could be expecting something really new again. Can't say it was a smart decision to expect it because iOS 5 is pretty much the same thing but still...
So, now we can all expect an iPhone 5 coming next year by this time but what can they do while keeping iOS 5 around?