I think its a minor update. Almost too minor. I would have at least liked to see a built in mic or a significantly thinner body. I expect that gen 5 will be a complete overhaul. looking at the past timeline I think Apple will update minor every year and major every two years. This minor update may not be good enough to fend off the growing number of competitors (who seem to be getting their act together SLOOOOOWLY).
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