They need to let people know what the long term plans are to keep the interested in what the platform will become (especially with the Nokia deal), but at the same time it feel frustrating how far away these new features seem (talking about the "Mango" update with multi-tasking, IE9 etc coming "later" this year).
Personally I agree with you, I'd like smaller, more frequent updates, but at the same time I definitely want to know the long term roap-map.
I disagree about there being too many phones, it's a fraction of the number of Android variants out there, and the phones are much more similar to each other due to the minimum hardware specs. With that in mind, there was no excuse that the first update a few weeks ago wasn't flawless; they should have easily picked up any issue on all available models during testing.