How is it less of an upgrade from the M8? The CPU, GPU, RAM (amount and bandwidth), FF Camera, RF Camera, and radios of the M9 are all major upgrades from the M8. The only carryovers I see are the usage of the SLCD3 display panel and the BoomSound speakers that have been modified with additional audio processing (software side only I think). Yeah I wouldn't consider the M9 to be a minor upgrade by any means.
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Most of those things always get upgraded from one phone to the next. People EXPECT a new processor, radios, etc. But the rear camera is not an upgrade (except for those who think pixel #'s matter most, and they are wrong).
The simple point is this: there's nothing exciting about this phone. Zero. Nothing. Those of you trying to convince yourself otherwise are being Fanboys.
Same resolution screen
Same form factor (looks almost identical)
Slight Incremental camera upgrade (better and worse rear camera)
Much better front facing camera
Similar battery size (most likely slightly better battery life only)
What's the wow factor here? Nothing.
This doesn't make the m9 a BAD phone! It will be a good phone. But, it will not be a GREAT phone, and since there's not much to differentiate it from the competition, it's going to struggle sales wise.
I don't say that as a hater. I want to see HTC succeed, as I like Sense and believe they bring a lot to the table as an android manufacturer. And if it had a better camera, I'd get it over anything else at this time because function is more important than form FOR ME. But the average person does not purchase their phone on the same basis. They want something new and exciting, and the m9 isn't it. If it were, the overwhelming majority of media outlets wouldn't be expressing disappointment with their initial hands on.