iPhone 4S, no iPhone 5 Release Disappointment?

And that's exactly what has happened. The hype was so great going into Apple's Let's talk iPhone event on Tuesday that the company with the world's bestselling smartphone almost couldn't win.

Even the hype can get beyond Apple, one of the world's most successful consumer technology companies.

But in the end, the iPhone 4S the company unveiled today has many of the features expected, including Voice Assistant, more power with 16GB and 32GB versions, an 8 megapixel camera and more.

As you've heard, it's the No. 1 smartphone in the world. People have been wondering, how do you follow up a hit product like the iPhone 4? said Phil Shiller, Apple's vice president of marketing. The iPhone 4S. Of course it starts with the Retina Display. But inside it is all new. The A5 chip is now making its way into the iPhone.

Apple said the new iPhone 4S has a dual-core CPU, dual-core graphics, and is up to seven times faster than the previous iPhone.

One area you really see it scream is in games, Shiller said.

Other advances for the iPhone 4S including faster data download -- up to two times as fast, the company said.

But it's not an iPhone 5. The screen size isn't large, it doesn't have metal casing. And so everybody is upset -- thinking Apple underwhelmed. The company never said this event was about launching the iPhone 5. It just sent an invitation, hinting, actually that only one phone might be released (the red number 1 on the phone icon on the invitation).

So now many are disappointed.

It's only for the time being, however. The company with the world's bestselling smartphone has shown us an upgraded version of the iPhone 4 -- the iPhone 4S. Don't think for a moment, however, that Apple is not working hard on an iPhone 5. Why, Apple is well beyond that in its development.

Apple is just not ready to release it yet. There's little reason to doubt that Apple will keep pushing the bar higher with future iPhone versions, including an iPhone 5. Its likely pegged for a 2012 launch, as many reports have indicated.

Sales of the iPhone 4 have been going so well that updating the model, while expanding sales globally before initiating a massive overhaul for an iPhone 5, makes sense.

But we knew Apple had a good chance of underwhelming. We also know, however, that Apple is Apple -- and that the iPhone 5 with a massive update is very likely forthcoming. It's just a matter of when. Not if, just when.

If there was any real disappointment with Apple's Let's talk iPhone unveiling, it was that the new iPhone 4S won't be available to customers until Dec. 1. That's a disappointment.

As for the iPhone 5 -- it's coming, sooner or later.