The newest iPhone turned out to be a revamped version of the last model but analysts still expect Apple to sell millions of units.
Apple called the iPhone 4S the most "amazing iPhone yet", packed as it was with incredible new features.
But new Apple chief executive Tim Cook failed to cut it on stage in the United States, where audiences are more used to the compelling presence of Steve Jobs. Mr Jobs, now chairman of Apple, is suffering from pancreatic cancer.
Expectations were high that Apple would deliver something special given the release of Android phones by Samsung which users swear are as good, if not better, than the iPhone.
Investors and fans, expecting to be wowed by something amazing, sent Apple shares down as much as 5% before a recovery in the overall markets pushed them back to close 0.6% down on the day.
The phone comes with voice recognition and a better camera but looks identical to the last phone and does little to lift the bar for smartphones.
Analysts like the voice-enabling technology that helps users vocalise everything from share price searches to sending messages, apparently more easily than Android phones or BlackBerries.
A release to the Otago Daily Times said that if you ask the phone to "Remind me to call mum when I get home", the phone will find "mum" in your address book. If you ask it "What's traffic like around here?", it can figure out where "here" is based on your current location.
Chatter on Twitter yesterday centred on whether the phone would recognise Kiwi accents.
US analysts said Apple might have been a victim of its past success - its launches are some of the hottest events on the tech calendar.
It was more crucial than ever for Apple to sustain the popularity of its ageing iPhone 4. Apple sold more than 20 million units in the three months ended June 25.
The iPhone, which accounts for more than 40% of Apple's sales, has been a success since it came out in 2007, making Apple one of the world's leading consumer electronic companies.
In New Zealand, the new iPhone 4S will be available on October 15 with a recommended retail price of $899. The iPhone 3GS will be available for $599.
