Horace Dediu gives what I consider hands down the best analysis of Apple’s yesterday move with the iPhone 4s:
Because an iPhone 5 is not needed meaning that it would over-serve the market and price itself out of contention.
The question will be very different a year from now when most early Android buyers will be looking for a new phone and when most iPhone 4 users (all 70 million of them) will be looking for a new iPhone. That would seem like a good time to introduce a new iPhone “5″.
Horace points out that current iPhone 4 users are not Apple’s target… yet. They are still locked to their contracts, and their phones are still shiny and powerful. Now it’s time to bring the first 70 million iPhone users up to date.