When iPhone 4S came out and it added far less than this there were a lot of people predicting the same thing, yet it broke all sales records. They will do the same with iPhone 5, even if it that's all it has. LTE and a bigger screen have been the major reason for some people to choose Android. You know, average people, for whom phones are a tool rather than a religion - who are not "choosing Android" because they don't know what the hell Android or iOS even are, they just know "this phone has LTE so it's faster, and a bigger screen, so I want it!" Now people who feel their phone must have LTE or at least a 4" screen can consider Apple where they previously wouldn't. That will help Apple more than adding every other feature any other phone in the world has all in one glorious package.
What exactly could be new that you think would be deserving of an upgrade? Wireless charging? Pointless gimmick. More megapixels on the camera, better lens? Yawn, every phone makes incremental improvements here with each model, but real photo buffs own an actual camera. NFC? Mostly useless without some wide ranging merchant agreements that make it useful in more than a fraction of retail outlets. Quad core? Don't make me laugh. HDMI? Stupid. Projector? Even stupider.
There really isn't much in the way of major improvements for smartphone hardware on the horizon, from this point it'll be software improvements enabled by industry agreements (with retailers, music/movie industry, and so on) that enable real benefit. Only fanboys care about hardware specs like cores, clock rate, RAM and so on, what matters is being able to do totally new things with it. Smartphones subsumed the function of PDAs/addressbooks, casual cameras, GPS devices, and portable music players. Those were what was important, not adding a camera or adding GPS.
Think about what other things a smartphone could obsolete or what things in our daily lives we do in some other way that a smartphone could do better/easier. That's where smartphones will go next. Not gimmicks like wireless charging or projectors.
Phones are getting those gimmicks today because they are out of really good ideas for the moment, but people who compare phones based on specs and feature lists demand something new to start fanboy flamewars over, not caring that they don't ever use the feature. Consider how Android fans used to slag on iPhone for not having an HDMI port. iPhone still doesn't have it, but all those people realized that it is stupid to brag about a feature on their phone they have never used in the two years since they bought it, so you never hear people saying their phone is superior because it has HDMI anymore.