I will be the first to say...
I think iPhone5 "blew" it.
I mean, after the minor upgrade from iPhone4->iPhone4S, the expectation was high.
What we ended up getting is basically an iPhone 4SS. I will make a list of the new stuff and go one by one:
A6 processor: it should because the A5 in 4s is not keeping up with newer Tegra3/Snapdragon offer.
4" inch screen: Wow, a ming-blowing 0.5" increase. And LETTERBOX for apps that didn't design to fit. Is this the best solution Apple could come up with?
Lightning connector: Apple made the emphasize that everything is wireless now. Why bother? To top it off, they stick with USB2. And the adapter is $30?!?!
Nothing really new was brought to the market. Apple basically updated the iPhone because the iPhone4s was getting dated comparing to other competitors (S3, Nexus, One-X... etc)