What MAJOR features does the S3 have over the iPhone 5? Or over the original Galaxy S for that matter? Fandroids love to get into spec wars when comparing phones, but the longest list of features doesn't make the best phone unless you prefer a kitchen sink approach.
In my book, the last major features in the smartphone world (which I define as things that you must have) are multitouch, gyros/sensors, GPS/mapping, and an API for third parties to easily create applications. The original iPhone and the original Android both had all of these. Everything that's been added since there are incremental improvements caused by Moore's Law and advancing standards: faster CPUs and graphics, support for 3G/4G/newer versions of wifi/bluetooth. Then there's stupid crap that 1% of people use like HDMI, stuff that's basically only a geek toy today like NFC, and stuff that's sounds cool but serves no useful purpose like wireless charging.
I'm not saying that those incremental features like better performance or handling newer standards like 4G don't matter, but those aren't innovations in any sense. Thinking of stuff like "hey, I'm sure a few people would think it's useful to have a barometer in our phone, let's add one so we can point to another feature the competition lacks!" is not innovation, it's just adding things without a clear goal of accomplishing something useful or solving a problem end users generally have.