this comes as no surprise, really. sad but true.
firstly, it's not even been a YEAR for the first model. apple waited a bit over a year for the iphone 2.0, though they added a few firmware upgrades, it was also mostly status quo.
secondly, they've got current stock to sell through. nobody says "new model next week" when they have stock. especially apple

they sell out first. even if they had a new model for xmas, they HAVE to deny it. makes sense.
price drops. sure, they come up with a vastly cheaper integrated motherboard/etc, and drop the price of the standard model.
in fair and ideal world, they'd even add some new features to the hardware (more grey levels), but the rest is software. easy enough, and they can backwards support us 1.0 adopters
larger screens. has to happen, but nobody has the larger screens in quanity, sure prototypes exist, and there are plans, but nobody i've seen thus far has anything other than announcements for larger than 8 inch diagonal. yet. 6 months? a year? boo-yah.
i figure in another year, my kindle will be doing great, and a larger, faster model for native PDF or equivalent wouldn't be unreasonable. wifi, and bluetooth even. hey, there's no really bad reason why a kindle couldn't on the fly run a doc->mobi internal to itself

one can dream.
still waiting for a major OS upgrade though. hierarchicals! other marking features! better browser! more toys!
exreader