Let's see....
1. Same exact design. Nothing new or innovative about it. At least a minor change would've been nice. People love to show off their new gadgets.
2. Dual core processor, 1GB ram, voice control. The voice thing is utterly useless, Android had it for ages already. 99% of people in this world aren't super geeks. They will probably never use the 1GB of ram or the dual core processor to it's full potential. I personally use my phone for minor apps, calling and texting. I use my TV to watch movies, my laptop to browse the internet.
What I was expecting:
1. Edge to edge screen display.
2. Maybe a slight re-arrangement in buttons or shape.
3. Possibly a different screen, better?
What I'm pleased with:
1. Integrating two antennas to fix the original antenna problem.
2. Keeping the iPhone nearly bug free unlike any other device (Assumption).
Why people are so disappointed:
Apple had nearly nothing to show with its incredibly late release. The longer Apple waited the more we expected from them.
Android has been releasing a variety of phones from different sizes, specs, and features. iPhone sales won't be selling as great as apple anticipated. It will still beat any other Android device out there, but the potential to make millions of more sales is gone.