So Apple had their little press event yesterday. The Hype was there, the buildup was there, and even the usual plethora of rumors was there. However, sadly neither Steve Jobs nor an exciting new product was there. We watched a little bit of the event, but after a while when we did not see the normal euphoric responses from the press we got bored and moved on to something else.

This morning we decided to check out the “morning after” reports and were rather surprised to see that the majority of analysts felt the same way that I did. The reactions went from mildly disappointed to one headline that stated that people should not bother waiting in line for this one. The impact was also felt in Apple’s wallet as their stock prices several point before rebounding, but leaving Apple a little over 1% down from their normal lofty height. In fact at one point during the trading Apple lost close to 13 Billion (with a B) in market value.

Why all of the antics and the sour grapes? Well here is the deal, remember that yesterday we talked about how Microsoft runs on the “build it and they will come” school of business? Well we are actually seeing Apple fall into that. Instead of launching a device that is truly revolutionary Apple gave us a phone that matches the core specifications of phones that have been on the market for months. Yes Apple has caught up to HTC, Samsung, and others in terms of CPU (the dual core A5) and memory. However, Apple failed to match any of them in terms of connection speed. So you are buying a phone that will have an average speed slower than many other phones on the market.

Some of the Apple fans have chimed in with comments saying Apple left of 4G to preserve battery life and other things of that nature, but in reality these are excuses to cover the fact that Apple did not have anything real to offer at this time. The iPhone 4S is a kneejerk reaction to the success of phones like the HTC Evo 3D, the Samsung Galaxy IIS (which Apple is desperately trying to bury) and others. These phones are gaining in popularity for their speed, style, and flexibility. This is driving Apple nuts as they have been used to being the only game in town.

All hope is not lost though. Apple did do something very smart; they are partnering up with Sprint. Before you scoff at that statement I want you to think about one of the biggest complaints about the iPhone in recent years; data plan caps. Anyone remember the outcry when AT&T capped their data plans? Or when Verizon did right after they started offering the iPhone? Both times the actions of these carriers angered their customers. Sprint has already announced that they are going to maintain unlimited data for their new iPhone 4S customers. This is sure to bring in some customers from AT&T and Verizon that are tired of watching their data each month. It will also convert a few exiting Sprint customers that are looking to upgrade from their older Android phones (like the Original EVO and its horrible batter life).

Apple will gain a few new customers and will sell the iPhone 4S to its existing fan base, but in the end this is not a magical or revolutionary device and Apple may find it harder to spin this one and charm the press into thinking it is something more than device to play catch up with the competition. We have our own review (on Sprit) planned for this one and will let you know how it fares against the Dual Core HTC Evo 3D. For now, let’s all sit back and see what Apple does to compensate for the less than stellar response from the press and the market.

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