Today, Apple unveiled what will no doubt be its bread-and-butter products for the all-important holiday season and into 2013: an all-new iPhone 5 and revamped versions of the iPod nano and iPod Touch.

Thanks to the many leaked photos and generally accurate rumours, the iPhone 5 introduced by Phil Schiller and Tim Cook was almost exactly what we were expecting: A thinner, lighter, faster, taller and LTE-enabled smartphone. About the only feature that didn’t make it from rumour-mill to reality was the inclusion of NFC (Near Field Communication) which would have enabled the contactless-payment scheme that is currently being pursued by Google and others. For an explanation on why Apple left this and wireless charging out, see this interview with Phil Schiller.

In typical Apple fashion, the new iPhone has given potential buyers just enough to feel that it’s a worthy upgrade over devices that are now two generations old, yet not so much innovation that iPhone 4S owners will be left weeping over their now-obsolete cellphone. I call it the “leap-frog” approach to Apple’s product marketing and so far, it has held true for every new version of the iPhone.

But many argue that especially in today’s super-heated competitive market, “just enough” just isn’t enough. Samsung, Nokia, HTC and others have all made enormous leaps of their own, with many bringing features to the smartphone game that eclipse what Apple has offered. The big question is: Can the iPhone 5 compete against the likes of the Samsung Galaxy S III, Nokia Lumia 920 and HTC One X?

My take on this is unchanged from yesterday. While Apple’s Android and Windows 8 Mobile-based competitors are giving consumers more choice than ever, Apple’s formula is still rock-solid. If you are an existing Apple iPhone user – and millions of you are – the iPhone 5 is a logical and satisfying upgrade. Here’s why:

• You get a larger screen without needing to carry a device that feels chunkier. Thanks to Apple’s decision to preserve the iPhone 4’s width, while shrinking the thickness down to an impressively thin 7.6mm, the iPhone 5 will look and behave like a larger phone without feeling like one
• With LTE on-board, the iPhone 5 is now just as fast – perhaps even faster – than any other 4G/LTE handset on the market
• Improvements to the two cameras means that the iPhone 5 maintains its position as arguably the best mobile phone for taking photos and video
• None of these improvements will hurt battery life. In fact, if you have an older iPhone, it might be a bit better
• Improvements to the primary CPU – now an A6 chip – will make the iPhone 5 feel downright zippy
• Price: Starting at $199 for the 16GB model (on contract) means that it costs no more to get a brand new iPhone than it did two or even three years ago if it’s time to renew.

If you aren’t already an iPhone user, these features make a good argument for becoming one. But not an airtight argument. As Reuters has pointed out, the iPhone 5 is impressive in many ways, yet lacks a “wow” factor. Unlike the iPhone 4 with its dazzling Retina display, or the 4S, which brought Apple’s “intelligent personal assistant” Siri to life, the latest iPhone is an attempt to prove that if you take an already successful phone and optimize every aspect of it, you have a compelling new product. For some, that attempt may seem lacking.

Meanwhile, if you feel that bigger is better when it comes to screen size, there are several Android-based models that offer larger views of your content, the web, etc. They may not have a higher resolution than the iPhone, but sometimes there’s no substitute for square inches. Likewise, if you think a smartphone ought to come with a stylus for taking notes, interacting with the screen and getting finer control for tasks like painting/drawing, the Samsung Galaxy Note which appeared earlier this year, is still a great choice.

In addition to the iPhone 5, Apple also updated two of their iPod models. New for 2012 are the iPod Touch, which benefits from many hand-me down iPhone technologies such as a larger screen, thinner body, better cameras and a faster chip, while the biggest surprise of the day went to the new iPod nano which has actually gone up in size.

Apparently the diminutive square design of the previous nano didn’t work out as well as Apple had hoped, and proving once again that they’re prepared to get rid of something that isn’t working, they have re-imagined the  nano as a larger, multi-touch device that once again has the ability to play video – a feature that was dropped in the last generation. Also new to the nano is Bluetooth – something that fitness-addicts have been begging for in order to free themselves from the inevitable tangle that results from working out with wired earbuds.

Yet while Blutooth is great for the gym, so was the built-in clip that the older generation included, but that feature has been axed, sending future iPod nano owners back to third-party accessories if they want to keep their music players within easy reach.

I think the decision to reformulate the iPod nano is a good one. They’ve given the popular media player some great new (er, old) features. But best of all is the price: unchanged at $149, which by the way, is for a 16GB model – the only memory option now for the nano.

And while I’m equally excited to see the iPod Touch pick up some very welcome improvements – especially the camera, which now has an LED flash and 5MP sensor – the price point is a big disappointment. Gone are the 8GB and 16GB options and gone too is the $199 entry-point price. Instead, the cheapest redesigned iPod Touch now starts at a heart-stopping $299 for 32GB.

Yes, they did drop the price on the older, 4th gen iPod Touch 16GB to $199, and yes, the new model gets Siri (the first WiFi-only device to do so) but that’s cold-comfort for those who have been waiting for a new iPod Touch redesign.

$299 is simply too high a price for a product that has become the go-to alternative to portable game systems like the Nintendo DSi/3DS or Sony PS Vita, both of which sell for less than the new iPod Touch. Even $249 would have been easier to swallow.

I would have preferred that Apple have discontinued the older iPod Touch completely, and offer up a 16GB (new) iPod Touch for $199 rather than this two-model, two-price points strategy.

Okay readers, that’s my take. What do you make of all of the Apple hoopla from today’s event? Excited for the new gadgets or feeling a little let down?