The new iPhone 5C is displayed during an Apple product announcement at the Apple campus.
You might have heard or read that Apple launched a cheap iPhone on Wednesday morning our time - they didn't.
In fact there were remarkably few surprises.
Most of the headlining releases had been leaked via the company's supply chain months ago. As expected, Apple launched two new iPhones - the top-of-the-line 5S and the brightly coloured 5C.
The company also announced an official release date for the new version of its mobile software, iOS7. About the only surprise was the price of the 5C, which, for want of anything else to talk about, had been the subject of hot debate in the days leading up to the event.
So, for many commentators there was a sense of anti-climax, and even disappointment. Where was the Apple TV? Where the new iPad or the Apple Phablet? But after a little reflection, many will see the new releases are in fact something of a watershed for Apple.
The new 5S iPhone largely follows the pattern of Apple phone releases of recent years: an evolution of the previous year's phone with a few new features and a speed boost. It's worth pointing out that it's quite a boost this time, with the 5S sporting a very quick 64-bit A7 processor.
That should make it twice as fast as the 5, fast enough to make a big difference to video and graphics. The other big new feature is the touch control. This will allow you to open your phone by touching the home button, which now includes a fingerprint sensor.
Apple was at pains to point out that data about fingerprints would not by stored by the company, but rather on the device - no doubt trying to head off sensitivity to big-brother snooping. But this new feature is about more than security.
It opens up the possibility of secure online and even in-store purchases, as well as potentially making it easier to manage all those log-ins and passwords. If this kind of information is held on a more secure phone, the risks are much reduced (at least until someone works out how to hack the fingerprint scanner).
The iPhone 5S also sports a new camera and a new colour range - silver, space grey and gold.
But it's comparing the 5S to the 5C that shows the change in direction for Apple. The 5C at US$549 ($739) without a contract, this is no cheap iPhone.
Instead Apple has created a ''beautifully, unapologetically plastic'' (according to head of design Jonathan Ive) entry-level iPhone, which will appeal to many because of its range of colours and affordability if you take it with a plan. Surely Apple won't now be selling many of the old 4S, though it does plan to keep that model around.
The 5C is a careful move towards the mid-price end of the smartphone market, but it doesn't jump in to that sector boots and all. Instead it enables Apple to freely position the 5S as a premium phone, without any compromises, and it might just give the company the wriggle room to innovate.
The new 5C should bring a bump in sales, while the premium 5S will keep Apple ahead of the field in the premium phone market, at least for the next six months or so. It seems inevitable, too, that the 5C will get cheaper.
We will probably see an iPhone 6 and a new 6C next year, with the 5C positioned as a really affordable phone.
Apple CEO Tim Cook made the point during the presentation that Apple doesn't ''pack in feature after feature'' - a clear dig at Samsung, whose phones are criticised for the overwhelming list of features that confuse users rather than excite them.
Apple has kept its design DNA and introduced only a few new tricks and improvements to add value to the user experience, and that will let it hold on to the top 15 per cent or so of the smartphone market.
Apple has also made a cautious step into the middle range of the smartphone world, which should attract millions of new users and keep developers happily making apps for iOS, at least for the foreseeable future.
Apple has done one other thing that might just protect the viability of the company more than any new device or software: it's finally got serious about China, a country whose smartphone sales dwarf those of the US.
The new gold 5S is squarely aimed at that market, and released there simultaneously with the US. If Apple can make it in China, they can make it everywhere.