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.
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.
Apple is targeting their hard-core base of media professionals and prosumers with messages of an improved photo and video playback and editing experience.