So, without a dual-core processor, Apple would have been giving an update on iOS 5 and iCloud, releasing some slightly altered iPods and announcing a camera upgrade on the iPhone 4 - and if you think this event was underwhelming, imagine that one.
Google was becoming an even greater enemy, and at the core, Apple had essentially no leverage over how Google's Maps app acted, looked or received updates.
Apple is targeting their hard-core base of media professionals and prosumers with messages of an improved photo and video playback and editing experience.