That said, the stock lost some ground, but the thing with Apple's stock, it always goes up before and after their quarterly earnings calls. They continue to defy the numbers people expect from it.
Their profits are going to continue to rise, and with it, so will the stock. The geeks that have to have the new shiny will be disappointed, however, the casual user will love the iPhone 4S and it well sell like crazy. At least just as well as the iPhone 4.
Were we all hoping to see an "iPhone 5" ? Yup. I think we all were hoping, however little, that it would show up. But many of us with any sense of reasoning and logic regarding Apple have pretty much known that this update was going to be almost exactly what it was. Apple is on a two year design plan. Excuse the original iPhone since that was the exception (again, not that the iPhone 5 couldn't have been one as well). But if you look at it now, it becomes a lot more clear. iPhone 3G-> iPhone 3GS (Faster processor, more ram and the same design). iPhone 4->iPhone 4S (Faster processor, probably more ram, same design).
Next year we'll see a new case design, and maybe it'll resemble the tapered design that has been rumored. I'm kind of hoping against it since it would be awkward to hold in landscape orientation. Something that is curved in both directions would be neat. As long as it is symetrical. The problem with a "banana" shape is that it would no longer sit flat on a desk and that would bother me.
I'm pretty happy with the iPhone4/4S case. I kind of wish it was a bit more curved on the edges since I find the metal "mid-case" to be a bit sharp, not a cut you kind of sharp, but it could be more blunt and thus more comfortable in your hand. Think more pebble shaped with regard to the sides.