The only rumors that didn't pan out, off the top of my head are:

Larger screen
Smaller screen
New all aluminum tear-drop shaped enclosure
Lower prices

The first two cancel each other out. The third would have been a disaster as all the mockups looked like crap. And the final one is technically possible if you're willing to buy last year's tech.

I don't think that anyone that says this is a small announcement is justified. Apple only ever does something positively huge every once in a while. The last time was the original iPad. Before that it was the original iPhone.

Cumulatively this is a good upgrade. A wolf in sheep's clothing as it were. I wouldn't be surprised to see an iPhone 5 in June, but it will probably be next September/October. iOS and the iPhone are still a good 2-3 years ahead of anyone else.