Maybe it's because a lot of the details of the new phone and OS were already known. Or maybe it's because we just seem to have a hi-res iPhone, with video calling functionality that almost nobody will use.
Sure, the extra 2 mega-pixels for the camera will be welcome, but, umm, well, nothing else really jumps out at me saying "Buy Me Now". I guess that's a good thing for me personally. I've not long upgraded to a 3GS and I'll be getting OS 4.0 (IOS 4.0) anyway, so at least it'll save me an upgrade.
No news of the rumoured free MobileMe (I find it harder and harder to see how they can justify charging for it) and no new iLife.
Maybe I'm just tired, maybe I've been looking at Android phones for too long, but there was definitely no WOW for me this year. Apart from Steve asking everyone to switch off their WiFi :)