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It's a good enough upgrade for all those coming to the end of their iPhone 4 contracts, so will sell well. At the end of the day, that's all Apple needed to do. I guess most 4S owners are locked in for another 6 months to a year.
No NFC does look like the only significant missed opportunity, but it probably needed Apple to introduce it to make it mainstream, so they may not have missed the boat here. It gives them an obvious feature in the wings for the iPhone 5S.
Graham
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