You will hear some carping, in the coming days, about a lack of revolutionary upgrades in the new iPhone. At its media event in San Francisco on Wednesday, Apple added just a handful of features to its latest smartphones, the 6S and 6S Plus, including a pressure-sensitive screen, better cameras and a new color — pink, or “Rose Gold,” in Apple’s marketing argot.

It’s the same kind of carping that happens every year. The iPhone is by far Apple’s most important product — it is, by most accounts, the single most profitable product on the planet — and for many analysts, that very significance highlights a vulnerability. So tech observers are once again wondering how much longer Apple can sustain the magic. Has Apple done enough to maintain its outsize lead in the industry? Can the iPhone still expect to vacuum up virtually all of the profits in the global smartphone business?