Where on earth did you get that idea? Almost every spec on it is significantly better than on the iPhone 4, yet alone any prior models. Camera, video, CPU, GPU, (likely) RAM, antennas, Siri, etc.
First, Apple doesn't rush new technology -- especially when it has problems such as considerable power consumption (or thickness). Last, Apple claims speeds on par with droid smartphones touting 4G: 14.4Mbps down compared to the 7.2Mbps/down of the iPhone 4.
I am here: http://maps.google.com/maps?ll=40.832607,-72.980783
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