Great analysis (as always) by Horace Dediu. He answers the question that a lot of people have asked: is Apple leaving sales on the table because some people hoped the iPhone 5 would be released yesterday instead of the upgraded iPhone 4. He’s basically arguing that, considering the available target markets, Apple would not actually be able to sell many (if any) additional iPhone 5s in comparison what they would have sold regardless of which device was on the market.
Additionally, I’m a bit amazing at how many people claim to be “disappointed” in a significantly upgraded device who’s exterior still surpasses everything else in the market. Are we that vain? Probably.