Why did Apple decide to go 6+ months with no product announcements?

I'm still trying to figure out how Apple could go 6+ months with no new product announcement. And we have the possibility that WWDC is software only and not available to the public until the fall. Going this long without a new product seems very risky to me. When Apple does announce stuff this fall the expectations will be huge. People will be looking for way more than an iPhone 5 with a faster processor and better camera.

Can anyone explain Apple's thinking here?