First off, I'm not a fan of Apple. I actually hate their business practices (Foxconn working conditions, overpriced devices, contractual "ownership" of component supplies, price fixing of both music and e-books, stupid patents, aggressively starting a suing war with the competition, etc...) and thus I never bought any of their products. It's not a great excuse because I don't research all of the companies I buy products from.
On the flip side, it's difficult for me not to like Google. The company that brought free apps and free GPS to smartphones. Even free texting with Google Voice. With cellphone carriers being some of the most hated companies in the US, it's hard not to like a company that takes their overpriced services and makes them free. Then again, anyone else notice how major carriers have consistently made service plans more expensive?
Anyway, Apple will live for quite a while. They currently have a few things going for them. The company has seemless connectivity between all of their products, as well as other products. Most new vehicles and every new home stereo is compatible with an every iPod/iPhone. At least until they changed the connector. The GUI is supposedly easier to use and crashes less than Android devices. Apple's cameras are among the best used in a smartphone. HTC and Nokia may be better this time around, but they don't have a large market-share, at least in the US. The Apple SoC generally dominates the competition, especially the graphics performance. Qualcomm's SoC's probably have nothing on the next Apple SoC. As a result of all of this, the iPhones are well rounded pieces of hardware. Many of the competitors have historically cut too many corners in their development, or not had access to the supplies that Apple takes a strangle hold of.
If this next phone flops, Apple will be fine. Nearly every phone they release flops initially (scratched from the factory, dropped calls, battery issues, app issues, etc...) and lines a mile long still form outside the building. It's to the point that if I were to ever buy an iPhone, I would never buy it within a month of its launch date. I would wait to see what is wrong with it first. It's the simple things, like testing and quality control at launch that Apple seems to consistently fail at. That never stops the Apple loyalist. It is these loyalists that will ensure the company never fails.