I am already disappointed by the iPhone 5

Why you might ask, well firstly we have the radios.

LTE, great you might think, but did they really choose the right bands is my question.
Right now, LTE is being rolled out in Europe. The bands chosen will basically only support their launchpartners, and none of the other LTE networks that are up and running or coming later.

Then, the camera.

Nothing revolutionary, doesn't seem as exciting as say the Nokia 920. That does take great photos.
"The ocean looks bluer" Seriously, do you think we want even more saturated colours apple?

Panorama mode, done what seems to be right way. Have to give you that apple. But how often will it be used?

Nothing exciting over the front facing camera.

Three microphones, didn't the Droid X do that already?

New connector. Reversible is the only improvement I see. And the increase in accessory money that apple see of course. Even if they have an adapter.