And One More Thing... Did Apple Nail or Fail the iPhone 6 and Apple Watch Launch?

Are these new devices going to be successes? In the quarter that ended June 28, Apple sold 35.2 million iPhones, an increase of nearly 13 percent over the same period a year earlier, and some analysts were still disappointed with this number. It's safe to assume that Apple will sell millions of the new devices as soon as they launch, but even the Transformers franchise keeps making money, and that's definitely not because each successive film has been better than the last one.

There's a renewed sense of belief in Apple these days - after Tim Cook took over the company there years ago there was much wailing and gnashing of teeth as people declared that Apple could never survive without Steve Jobs. Whether it's through the careful timing of leaks, or because of the way news cycles work, the public conversation this year has been built around the notion that we're back in 2007, with Steve Jobs introducing the iPhone for the first time.

(Also see: Apple Is Back, Better Than Ever)

But when you look at the actual details of Apple's new products, the announcements seem to lose a little sheen. The switch from the 4-inch screen on the iPhone 5s to the new 4.7-inch size is a big jump - even more so than the jump from 3.5 inches to 4 inches between the iPhone 4S and iPhone 5. But the jump to the even bigger iPhone 6 Plus with a 5.5-inch screen is tremendous, and that device also has a correspondingly higher resolution: a full-HD 1080x1920-pixel screen.

The larger sized iPhones are a clear indication that the company is trying to play catch-up. After years of stubbornly insisting that its screens were the perfect size for human hands, Apple seems to have realised that humans have two hands and are willing to use them both to hand over money to companies selling phablets. Apple's famously rigid product lines are becoming fragmented, and this shouldn't necessarily be seen as a win for the company. It does mean that Apple is willing to be more flexible than before, but it also means that its image and its trademark simplicity are being diluted.

The new sizes are the most visible changes for the phones, but internal components have also moved forward in expected ways. The camera still takes 8-megapixel photos, though there's an all-new, improved sensor at its heart. Even though Apple was able to get great results from the iPhone 5s, competitors' cameras have been getting better and better too.

The much expected "iWatch", revealed finally to be the Apple Watch is also, as expected, a comprehensive health and fitness companion device. There is a lot to choose from in terms of straps and body materials, so buyers will be able to make their watch look fairly unique. So far, reactions have been mixed.

(Also see: Apple Watch Leaves Fashion World Divided)

The watch itself does not have the discreet style of the Moto 360, but instead stands out as a very obvious gadget. Couple that with possibly disappointing battery life, and the Apple Watch starts to lose a little sheen.

To give credit where it is due, though, Apple has come up with an interesting new way to interact with the device; a physical crown that can be used to scroll and zoom around the interface, which looks a lot like the crowns used to set the time on older mechanical watches. This is a fairly natural way of interacting with a wrist-worn device, and is easier than trying to perform gestures on a small screen.

Of course, the Apple Watch also comes with the famous Apple Tax - it will be priced starting at $349, making it substantially more expensive than alternatives such as the Samsung Gear Live and LG G Watch, and even the Moto 360.

Unlike the iPhone in 2007, when Apple could dramatically reimagine the smartphone (and the entire computing experience), the Apple Watch will be making its debut in a market that has already had over a year to coalesce. Apple will find itself playing catch-up yet again, but this time it's starting at a disadvantage in a crowded market defined by pre-existing platform loyalties, and with a variety of competitors who have already established themselves at lower price points.

We wouldn't call the launch a complete bust, and we can be certain that the new devices will sell in massive quantities. But the pundits who have stated that Tuesday's launch heralds a new Apple that is still as revolutionary as it was in 2007 might be overstating the case.