But it's been almost a full month since the WWDC keynote, and nearly two weeks since customers have been posting a barrage of iPhone 4 pictures to the web. So I'm doubtful that Google Images' delayed refresh rate is a sufficient explanation.
Edit: In response to your reply below, you might be right. I've only tried a few searches, but images of major events from the past month seem hard to come by. A search for 'Galaxy S' does give some results from within the past month (the first result was from June 23), as does a search for 'Kindle graphite' (July 2), but presumably refreshes aren't comprehensive. Still, a month-long refresh rate is really surprising. If you need to find images from a recent event, Google Image search may be practically useless.