I think as our smartphones become more and more important to us, the expectations - particularly with Apple and Samsung - have become unrealistic. This is also fueled by the technoblogs, whose writers IMO become bored easily nowadays because they see and use so many phones. This leads to articles about "lacking innovation", etc.
Smartphones do have room for some innovation I think, but it seems clear to me that the mobile phone industry is becoming a mature platform, and that it is just is not realistic to expect completely re-designed phones with incredible innovations every year anymore. Also, Apple and Samsung have unbelievably successful phones, so it is logical that they would want to somewhat continue the model that made their phones successful in the first place and not change their flagships TOO much. They have to walk a fine line too between alienating some current users of their wildly successful phones by changing too much and not updating enough so they get chastised for "lacking innovation". It is not an easy thing.
For me, most modern smartphones are very very good. I don't NEED them to do much more then they currently do. I WANT better battery life, I WANT more storage built in sometimes, etc. But with all the choices out there, I think both Apple and Samsung are doing a fine job of providing great phones that their users want. With the GS5, I am looking forward to the better camera, better battery life, better screen, faster processor, better feeling back, and I will see about the other added features.
There is always going to be the hyperbole, the silly "TOTAL FAIL" , "EPIC LETDOWN" even though everyone knows Samsung will sell another 50-70 million GS5's . Most folks who are objective can read past hyperbole and process things as "I wish is did <this better>" , and still thoroughly enjoy these great smartphones. I know I will.