Steve Jobs’ innovations and business savvy will live on for many years to come. He and his company, Apple, Inc. broke the mold a long time ago with the iPod, iPhone and iPad

Jobs’ legacy is secure, the tech whiz gadgets launched during his tenure – top notch. But just a month after his resignation due to health issues, and just a day before his death, Apple launched a ‘new’ iPhone. It is the fifth generation of the iPhone… but even they could not come to name it an ‘iPhone 5’. Instead, it’s just an iPhone 4S.

Howls of disappointed reigned. Business Insider said “… people are right to feel let down! They didn’t get what they expected.” Bradenton.com said “Apple began its new (post–Jobs) era with a creation unlike anything it had produced in years: disappointment.” Shares of Apple fell nearly 5% upon the launch of the iPhone 4S, though rebounded later.

Rumors ran rampant before the launch of the new iPhone. Some said it would have a larger display, others that it would be thinner, one even said it would be teardrop shaped. Apple let these rumors run without any comment – fueling speculation and excitement.

Hype can be a double edged sword – bringing attention, but also raising expectations. And those expectations were dashed when the iPhone 4S finally faced the public.

True, the new iPhone does have improvements over the previous version. With its dual-core A5 processor, and dual-core GPU, it should be faster. It will be available on more carriers. It has dual antenna’s for switching between receiving and transmitting data, which is expected to improve performance. Battery longevity is improved, as is the 8MP camera with faster capture speeds. But an ‘iPhone 5’… it’s not.

While the new iPhone 4S will surely sell well, its launch leaves big questions… where is the iPhone 5? And with Steve Jobs now gone, will Apple product launches ever be the same again?