Don't think so. If you look at the extraordinarily protracted (in the mobile context) continuing market relevance of the 3GS, you can see the method in Apple's madness. In two years or so, the 4S will similarly be the bread-and-butter free(ish) phone and the minimum spec device capable of running iOS8 (or thereabouts). Jumping straight to a new whizz-bang form factor in the 5 would have picked their own pocket in the long run. And in the short run, they can now use LTE as a differentiator for the 5 when those chipsets mature enough to get halfway decent battery life.