None of apple products are top end specs wise. Thats not to say they don't work well at what they do. However, they charge a premium for things with specs you can get elsewhere for at least half the price.
E.g imac with i7 3.4Ghz 4gb memory, etc is approx £1,800. You can build a faster 4.4Ghz machine for half that easily.
Again, new iphone 4s has 1Ghz dual core, 3.5"screen £500 compared to htc sensation 1.2Ghz dual core, 4.3" screen £350.
The original iphone did start a new wave of smart phones not because of its specs but because of the operating system which now has arguably better competitors.
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