Something very odd is happening at Apple. Either there is a massive shortage of developers (unlikely) or developers have been moved to a new project (AppleTV ?). Because Mountain Lion and iOS6 are by far the most underwhelming updates yet in terms of features.
What exactly would have been over whelming?
Proper Mail.app plugins. Not limiting the notification system to App Store apps. Finder replacement. Maybe with something like semantic tagging replacing folders, complete with proper filesystem level unix support.
Even bigger pie in the sky features: distributed process migration. If you are at home and have multiple computers, why not borrow your desktops CPU to do heavy processing (say for photos or video?)
In other words, features targeting professionals, the opposite of Apple current strategy.
edit: these would be overwhelming to me