I agree with you on the original iPhone. As much as I hate Apple, their marketing nonsense and their idiotic fanbase, the first iPhone did completely change the face of the cellphone market. Since then, though, they've simply been milking the brand name; which is something Apple does incredibly well.
To address your points on each:
1. Screen: Yes it's a high resolution, but it's not really innovative to cram more pixels using ancient LCD technology. Samsung's OLED displays are quite sexy and arguably nicer looking -- even if the resolution is 25% lower (roughly, too lazy to do the exact math). Then you've got those PixelQi displays which absolutely dominate everything else when viewed under sunlight or other high-intensity lighting. There are lots of ways they could have gone which would have made other manufacturers crap themselves, but instead they chose to play the numbers game. Nothing to see here.
2. Camera. Throwing a 5mp camera in a phone is hardly innovative. Hell, the SE K850 did that three years ago and it had a xenon flash to go with it. My two year old c905 had an 8mp camera with flash and the very user-friendly Cybershot UI -- both in software AND hardware. This is nothing more than an incremental upgrade to the 3.2mp that was on the 3G. Nothing to see here.
3. CPU/RAM: Come on now. If you don't have an argument for it, don't throw out some ambiguous statement like that. Let's be real: High-end smartphones have been using 1ghz Snapdragons for at least six months prior to the release of the iPhone 4. Moreover, these are mostly Android phones which have their own apps and real multitasking, so it will get used. Again, this is Apple simply catching up to everyone else.
4. Music: This comes down to UI preference, which is why I don't really count it for/against Apple. Damn near any smartphone will play music in a large variety of formats, it's just choosing your poison. Personally, I prefer the XMB style SE uses in their phones, but that's just me.
5. Bluetooth: I've been utilizing stereo bluetooth since damn near its inception. That the iPhone never supported the full BT spec until this iteration is nothing short of embarrassing.
And these are just hard specs comparisons which, with the exception of music, don't even take user preference into consideration. But really, when your latest-and-greatest high-end phone is being outclassed by two-year-old dumbphones in many regards, there's a problem. Unless, of course, you're Apple and your fans are willing to overlook everything just so they can get some seating on the bandwagon.