The old announced repurchase plan was very limited and Apple has been silent on doing anything more with their piles of money. Beautifully worded, and it captures my frustration exactly. I thought Apple was aware of this.
I have the same hope. Enough time has passed with only incremental updates to existing products to make the next significant product launch, or lack of one, a make or break event. Minor updates like a second iPhone model and retina iPad mini are probably not even enough to tread water.
Making an iPhone with the 4" screen but with the whole phone shrunk to nearly the screen size would be perfect. I could live with a slim home button or other whiz-bang new fangled home button alternative to get there.