Yea it never will, you're totally right. Look frankly there's nothing in the iPhone5 that isn't already somewhere else to some degree. There's certainly nothing as revelatory as the first capacitive touchscreen UI or the retina display; and some promising technology like - well basically NFC - have been missed altogether. I don't even think there is such a technology at present that could be introduced into a phone that would blow people away anymore. It's about refinement and improvement of the existing experience. That's what I was expecting. It would have been nice to see that one killer nobody-has-ever-dreamed-of-before feature but I didn't really believe it would be there.
What I did see was something that is leagues ahead of anything else in build quality, that appears to have the best quality screen anywhere, that's noticeably a huge amount faster than current gen phones, and that integrates the whole thing into an overall experience that can't really be touched anywhere else. If that package is disappointing I don't know what else in smartphones will ever excite people again.
Out of curiosity, why do you say NFC is "promising technology"? Its been around in current form for 8 years, and has failed to gain traction. Bluetooth 4.0 seems to be set (And widely adopted) to achieve the solution to the "problem" that NFC is trying to solve