To those of you saying "What a boring iPhone, it looks like... like an iPhone!" - that's the point.
That's the whole idea. iPhone users are allergic to change. You know what their core user base wants? They want something that looks exactly like an iPhone. There is nothing in this world they would like more, than something that looks more like an iPhone than the iPhone they currently have. They want it to be expensive, have a big fat Apple logo and work with their Macbook Air. They want another Apple device, and you can be sure that they're willing to throw their current phone away, step on it and cough up the money for a new one.
And not long from now, another one will be out.
Edit: Also, those of you complaining that it's "not vidya" need to check yourselves and think about the enormous amount of games being produced exclusively for iOS currently. The iPhone and other i-devices are very much gaming platforms, now.