So, apart from the bigger screen - up from 3.5" to 4" - what is making people buy this thing?
Clearly it's not for the change from Google maps to Apple maps which have become a global joke.
Nor is it for the change in the connector socket which is seen globally as an act of arrogant disdain towards users.
Nor is it because of reforms at Foxconn, the Chinese assmblers of the iPhone. Almost unbelievably, it is revealed out that new recruits to Foxconn had been asked to sign a contract promising they would not kill themselves. The practice has been discontinued.
Yet shops in my local High Street have signs outside saying 'iPhone 5 sold out'. The news stories say five million phones were sold over the weekend, though it's said analysts had expected ten million.
And there are pictures in the papers of queues outside shops. Whether these are out of work actors paid to queue for the pictures, or speculators buying for a quick resale, or people queuing up to buy phones for other people or genuine purchasers is unknown.
Despite it all, we are being led to believe the iPhone's a great success.
IMHO iPad 3 was the first sign Apple was losing its way.
Thicker, heavier, hotter with a shorter battery life than the iPad 2, the iPad 3 seemed counter-intuitive.
And it also seemed unnecessary, coming within a year of the launch of the iPad 2.
A boring-looking, samey iPhone 5 coupled with cock-ups over the maps and socket is a second sign that Apple is losing its way.
Pro tem, of course, Apple's shares and revenues are still sky-high; its $120 billion cash pile still growing.
But maybe it's just the dogs still barking after the caravan has moved on.