From the reaction on the Internet to the big unveil, you might get the impression the show is over for Apple.
Screeches of disappointment echoing across the web - it's a catch up release, they say. It's boring, it's small. It's under-powered and underwhelming.
Samsung piled on too with a couple snarky TV ads, again making fun of Apples devoted fans.
But despite this chorus of whiners, pre-orders are shattering records yet again, topping 2 million in 24 hours.
And even with efforts to pre-register buyers online, the queues are back across the globe.
So here's 5 reasons to stop worrying and learn to love the iPhone 5.
1. The screen.
Forget what you may have heard, size does matter.
This phone may be 18% thinner and 20% lighter, but it still squeezes in a higher res 4 inch panel.
Big enough to enjoy full movies, but also small enough to operate with a single-hand, unlike the Yao-Ming sized Samsung offerings.
And hey, if you want to sell it later, iPhones have been shown to hold their value far better than any Android handset.
There's a reason you don't see geniuses like these enterprising fellows desperately breaking into a Nokia store
Oh Apple, so I guess you're not just a pretty face!
Instead of relying on 3rd-party chip designers, Cupertino has gone out and put some of its own engineering brain into this release.
Preliminary benchmarks seem to indicate their in-house design for the A6 chip delivers next-gen performance, today.
This is the new 4G standard.
Powered by a cutting-edge Qualcomm wireless chip, say goodbye to the days of long load times.
Browsing with this puppy is like eating ice cream out of a fire hose.
It's faster than most home, fixed-line connections, and that means no more waiting to stream your favourite episode of Vampire Diaries.
And number one. It's the economy, stupid.
The iEconomy that is.
The more you spend on your iTunes and Apps library, the less sense it makes to leave it all behind for Android and its poorly-curated play store.
It just gets worse when you've already got another iPad, or MacBook Air in the mix.
Plus when Apple rolls out new IOS updates in the next couple years, you'll be invited to the party, which ain't the case for all androids.
"So there you have it. The smartphone revolution perhaps turning into more of an evolution, but you know what, that's the natural order of things. For the technorati, this is a lesson in learning to let go, and accepting that the iPhone is now a smartphone for everybody, not just us. Jon Gordon in Hong Kong."