Unless you’ve been living under a rock, you’ve probably heard something about Apple’s new iPhone. The rumor mill worked overtime this year, and yesterday Tim Cook and co. finally put all of those rumors to rest. The result? The iPhone 4S. Like the iPhone 3G to 3GS upgrade, the physical dimensions of the 4 and 4S are identical. The major updates are found under the hood, in the form of a new processor (A5, the same chip that runs the iPad 2), improved rear-facing camera and an optional 64GB model. Apple calls it the most amazing iPhone ever. But is it?

In a word, yes. Although some people hoped for and expected a major redesign in this iPhone, Apple seems to have taken the “if it ain’t broke” approach. The undeniably stylish design and gorgeous of the iPhone 4 remains, while the dual-core A5 processor and new features like the voice-controlled personal assistant Siri and an 8 megapixel camera with 1080p video recording once again secure Apple a spot on top of the smart phone mountain.

But how long will Apple be able to hold on their King of the Rock status? New phones running the popular Android and Windows Phone 7 operating systems are being released seemingly every day, and technology moves at speeds that make 4G look like a sloth. Companies like HTC, Motorola and Samsung are building dual-core behemoths with impressive screen size and more impressive spec sheets. If Apple holds off on the mythical iPhone 5 until their customary June release date, it may have to fight its way back to the top with features like NFC, LTE, AMOLED and other weird acronyms.

But for now, Apple can can feel justified in their claim that the 4S is the most amazing iPhone ever. It might even be the most amazing phone ever. But after 16 months and a highly anticipated press event, can anyone honestly say they weren’t at least a tiny bit disappointed?