Earlier quoted context omitted.
You're right about the Tick-Tock, but since Apple hasn't announced it as a policy, people expect every release to be a Tick. I think you're wrong about Apple being greedy. Didn't they double the RAM? 16/32/64 for the price of 8/16/32 in the past? Also, the camera, processor and radio chips are all new from the original iPhone 4. The form factor is the same, but the antenna are a new design. And I think they are still…
They haven't doubled the storage (at the same price) for 2 years now. iPhone 3GS: 16GB for $199, 32GB for $299. iPhone 4: 16GB for $199, 32GB for $299. iPhone 4S: 16GB for $199, 32GB for $299, 64GB for $399.
It may not be flash memory, but it has to count - it is what Apple intend to be used for bulk music storage with iOS 5.