Apple's iPhone Air: A breath of fresh innovation or just hot air?

Apple Inc's (NASDAQ:AAPL, ETR:APC) latest iPhone launch, this time headlined by a thinner, lighter model called the iPhone Air, is as much a statement of strategy as it is of design. But whether this marks the start of a long-awaited upgrade cycle or simply a well-marketed refresh may take a while to show up in the numbers.