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Tim Cook talks about the iPhone 4S during the Let's Talk iPhone event on Tuesday. Consumers reacted negatively to the lack of an iPhone 5.

Keen Heick-Abildhauge planned to use his time in the United States wisely. Originally from Denmark and now living in Russia, Heick-Abildhauge is vacationing in the U.S.

He often laments the delay in Apple products reaching Russia. So Heick-Abildhauge, a self-described Mac boy, was going to use his time in the U.S. to buy the product for which he said he was geeking out - the iPhone 5.

Of course, the iPhone 5 did not arrive on Tuesday. Apple's Let's Talk iPhone event led to the announcement of the iPhone 4S, cloud services and a new iOS 5.

But it was not the announcement so many expected leading up to the event in Cupertino, Calif., on Tuesday, when senior vice president of worldwide product marketing Phil Schiller announced the iPhone 4S as the follow up to the hit product of the iPhone 4.

It led to immediate disappointment and reconsideration of planned iPhone purchases and upgrades among consumers. Apple shares dropped five percent after the event. Heick-Abildhauge, browsing in the Apple store on West 14th Street in Manhattan, New York, told IBTimes he likely would purchase the now-lower-priced iPhone 4 instead.

It's just not good enough, Heick-Abildhauge, 29, said of the upgrade from iPhone 4 to 4S. The improvement is not big enough.

It was the prevailing sentiment among consumers at the West 14th Street store in Manhattan, and it was shared by the tech blogosphere and the market.

The disappointment came as a result of the anticipation and build-up that had already dubbed the iPhone 5 before its announcement. At the Manhattan Apple store, Corin Michalski of Brooklyn displayed that eagerness and anticipation, following the event live on one of the store's iPads. He took out his cracked iPhone 3G and said he was looking forward to an upgrade.

I'm at the point where I'm excited to get something new, Michalski, 22, said.

But that enthusiasm soon faded as the event dragged on and it became clear that no iPhone 5 would be announced.

Jim Walb was another consumer looking to upgrade from the outdated 3G model. He had his head set on the supposed iPhone 5 as the upgrade. Now, to Walb, it's just more delay from Apple. He said he probably would not upgrade with Apple and instead look at options on the Android market.

It's a loss of opportunity, especially with the change in command. With Steve Jobs leaving, it would have been a great time for new leadership to step up, Walb, 60, told IBTimes, referring to Apple's new CEO Tim Cook.

Walb also called the lack of iPhone 5 introduction a marketing blunder for Apple.

There must have been a reason, I suppose, he said. Like I said, it's a loss of an opportunity.

And so consumers rated Cook's first Apple event -- the first in 14 years without Jobs -- with a thumbs down. But though that was the prevailing reaction on Tuesday, others at the Apple store said they would wait and learn more about the new features behind iPhone 4S -- faster processor, faster downloading, the improved camera and the humble personal assistant Siri -- before deciding whether or not to purchase.

Marshall, a customer in the store who did not want his last name to be published, said with Apple's track record, it's too early to bet against the company.

Maybe it was just me, he said, but I wasn't really expecting anything astronomical. My expectations were pretty tempered compared to the press... They're smart. They know how to cycle products.