Personally, I think the smartest thing that Apple did was making the iPhone 4 (not 4S) available at a very reasonable $100 w/ contract and the 3GS available free w/ contract. Those low prices, more so than any feature of the 4S, should have a significant impact on maintaining Apple's market share against the onslaught of cheap Android (and Windows Mobile?) gear, particularly since many of the sexy new features of iOS 5 should work just fine on the older phones.

As to 4G/LTE/WiMax, this basically means that there's a big chunk of spectrum being built out that won't be available to iPhone users. That, of all things, gives me a personal incentive to upgrade my own phone so I can get out of the way of all the iPhones and have more bandwidth to myself.