It's the "educated" tech press and bloggers who have a problem with incremental improvement. The public is buying it.
I don't mean that as some kind of indictment -- if you create customers so happy with their products that they'll buy the new one whenever they're due for a replacement, surely that speaks well of the job you've done! But the tradition Apple public relations machine was driven by the expectation that there would be something new and exciting, so everyone felt the need to pay close attention.
The greater risk, I think, is of the media deciding that new Apple releases are no longer special news events worthy of major coverage in general interest publications and dedicated stories on mainstream television news. And instead a new iPhone becomes an event on the order of a new Honda Civic -- lots of people buy them, lots of people buy a new one to replace the last one they had. But honestly, how many people get genuinely excited because there's a new Civic?
I actually think most of the public is so uneducated they don't really know the difference between and incremental or large improvements in most cases, so the incremental thing becomes irrelevant because they are uneducated. They only know when a handful of major using facing features come out (e.g. siri, iphoto app release, retina display, new shape, maybe the earpods).
And they know that Apple says "new and better" and they put some trust in that since they don't know how to evaluate it themselves (a lot of the public would have difficulty telling the difference between an iPhone 5 and a samsung phone or a 4s).
Regardless, it's clear that Apple's announcement was only disappointing to bloggers; actual consumers seem to be very interested in the latest revision of the iPhone.