Apple Off 4%: Top Of Its Game Or Bitter Disappointment?

Apple’s (AAPL) unveiling of the “iPhone 4S” has just wrapped up, and the grumbling may now start.

Apple shares are down $13.77, or almost 4%, at $360.83.

Months of rumors about a sleek, svelt new industrial design with a larger screen were wrong, as nothing of the kind showed up. Instead, the 4S features the same industrial design, with an improvement in camera functionality and integrated personal assistant features.

There was no hands-on after the press conference, unfortunately, aside from a few select press who may have gotten to see it up close. (Actually, Apple appears to have give the chance to a small selection of the journalists. Engadget’s Darren Murph has a favorable write-up of his moments checking out the 4S.)

And, of course, there was no appearance by chairman Steve Jobs, despite rumors he might show up today.

And there was no mention whatsoever of Facebook despite some expectation that there might be discussion of a long-anticipated iPad app for the social networking service.

Also different for this unveiling, and different for Wall Street’s bean counters, there were very few new data points offered about the business that the Street usually looks for. That may simply be because the company is so close to reporting the fiscal Q4 that just ended last month.

Apple also said it will add Sprint-Nextel (S) to its U.S. carriers, a fact which did little to boost Sprint shares. The stock is down 3 cents, or 1%, at $2.70.

All in all, the strategy for the moment seems to be for Apple to emphasize its innovation in components — the 4S gets the faster “A5″ chip — and its innovation in software, with natural language spoken commands, as the things that will distinguish this round of the iPhone, rather than industrial design.

It is a big disappointment for speculators betting on a radical new model.

What do you think? Is Apple at the top of its game, or did it miss the mark by not changing the look and feel of the phone?