It is the new iPhone...it'll be competitive regardless of if it actually is or not.
Yeah, what I mean is that no Iphone has ever looked that outdated and paradoxally CPU upgrade wasn't even needed for anything else than boasting reasons. iOS requires much less power to run than Android in the first place, and even Android doesn't need dual cores - it's more of a gimmick at the moment.
To be honest I think that people might actually pick different phones considering how much more awesome high-end Androids look and feel, and I assume that Iphone 4S might cost at least as much. I know Iphone 4 owners (casual people, not fanboys) saying that they're jealous of my Xperia Arc or my friend's Galaxy S2. Not upgrading Iphone's looks was Apple's huge mistake. After all that's what made it sell and it was the part that was always at least competitive. For modern standards it looks outdated even amongst mid-end class as competition is able to release phones of similar size but thinner and lighter with bigger screens (smaller bezels around it). Not to mention what will happen over the period of the upcoming year.
After all Iphones made the smartphone world move faster especially if it comes to design upgrades. With Iphone 4 I could criticize it for limitations or price. With every Iphone Apple fanboys would go mad at how processing power is not what you need and there's much more to Iphones - like modern design, feel and stuff like that.. Now I expected Iphone 5 to be a leap forward as rumored (a leap that Apple really needed) and I'm seriously very disappointed.