Or is he? He makes good points-- lower-than-expected iPhone sales might make Apple nervous enough to get in gear on pushing new software features and updates out, and get that price point dropping for the rest of us. And on the price point Doc's especially got a point-- when Apple was asked if there was going to be a lowered price point, they actually cited customer satisfaction as the reason not to drop it. In other words, if people are happy with the iPhone (and Apple is convinced that they are), there's no reason to change it.
With AAPL doing so well, Apple has a chance to sit back on their laurels and let the AT&T payments roll in. But any self-respecting iPhone user shouldn't let them take it. With a happy customer base, Apple has less incentive to fix those "little" problems like copy and paste and a missing iChat Mobile.
Update: My good colleagues point out that the iPhone missed analysts' goals, not Apple's.