With only one new device being announced today, audience members were left wondering what’s really next for Motorola. The hype meter definitely misled many of the tech press on this one. We actually expected Motorola to make a significant step forward. It didn’t.

I was not the only audience member who was bored and befuddled by today’s announcements, or lack thereof. With all the smack Motorola CEO Ed Zander was talking last week about the iPhone and other Motorola competitors, it seemed like Motorola actually realized that it needs to introduce a fantastic new device that’s a serious financial hit for the Illinois-based company.

The Q9 smartphone, MING smartphone and Z8 multimedia phone that were re-announced at today’s press conference are no doubt steps in the right direction for Motorola. The Q9 is a major improvement over the original Q. The MING, which has been available in Asian markets for some time now, appears to finally be making a broader splash across the world. Zander didn’t say if it would be available for the U.S.

While these devices do move Motorola forward, they don’t take it far enough. Especially when RIM and Apple and Nokia seem to be firing on all cylinders lately with hot new devices for the enterprise and consumer alike.

The RAZR 2 is a serviceable mid-level phone for Motorola to bring to the market, and it has its share of advances. But Motorola needs more. It needs to take cell phone technology to another level if it is going to do more than tread water in this increasingly competitive seascape of mobile devices.

Will the RAZR 2 be a hit? Sure, to a certain degree, it will. Does it reposition Motorola as a leader in the cell phone market? I am less sure about that one. You decide.