1) It sucks that it still has the iPhone 4's flawed design, with glass going right up to the edge of the front and back, requiring a case so it can survive a fall. I've always preferred to keep my iPhones naked.
2) $400 for the 64GB model with two-year contract? Really? No storage capacity upgrade since last year's model (the entry level $200 model still ships with 16GB storage), with memory capacities ever-increasing and prices falling, feels like nickel-and-diming. I guess I didn't really need 64GB after all.
Other than that, the new Siri Voice Assistant looks sweet, the 8MP/1080p camera also looks nice, and I'm looking forward to the improved performance.