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Apple's iPhone 5: The good, the bad, the oh...shiny

Apple's new iPhone 5.
Apple's new iPhone 5. Apple

(CBS News) Apple announced details of the iPhone 5 Wednesday at a press event in San Francisco. First impressions of the device are mixed, leaving many wondering if Apple has lost its magic.

The iPhone 5 is taller, thinner, lighter and faster than its predecessor. So why do the critics seem indifferent? Most agree that the technology is impressive, but the wow factor is missing.

"There is nothing not to like about the phone. It's aces. Just aces," says Wired's Mat Honan. "And yet it is also so, so cruelly boring."

(At left, watch the evolution of the iPhone over the years to the iPhone 5)

Just listen to the list features on the iPhone 5: 4-inch 1,136 x 640 pixel display, 4G LTE connectivity, A6 chip, 18 percent thinner and 20 percent lighter than iPhone 4S, iSight camera with 8-megapixel sensor, 1080p HD quality video, 720p HD front-facing video and Lightening connector.

Those are all impressive technical specifications, but there lacked some of the snappy keywords that Apple has been known for: Retina Display, FaceTime, Resolutionary.

TechCrunch's M.G. Siegler argues that Apple's magic is in "The Turn," which he explains is "the process by which they make the ordinary extraordinary" - a metaphor borrowed from the film "The Prestige."

Ultimately, it's the consumer who will decide whether or not the iPhone 5 will be a hit. And at least one analyst is already predicting sales could hit 6 million over launch weekend.

"The performance of the [iPhone] 5 in the first weekend should be better on a volume basis simply because there are more existing customers who wish to upgrade and because there are more initial and significant launch countries," Asymco analyst Horace Dediu told CNET.

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