CTO On Apple's iPhone: No, Thanks.

It's not even available in stores yet but so far, Apple's iPhone 5 is already a hit with consumers.

It sold out within an hour of Apple opening online pre-orders for the device, which has been redesigned with a number of incremental changes. It's a slimmer, faster device that will provide a better mobile gaming experience than prior versions, among other alterations.

But in the days following the Wednesday unveiling, a number of media outlets have yawned over the iPhone 5's lack of a "wow" factor. Further, the general consensus now seems to be that smart phone innovation appears to have leveled off into a period of gradual, and almost imperceptible evolution.

The chief technology officer of a trading software company whom I interviewed for an upcoming piece on how hedge funds are adopting cloud technology is among the unimpressed. While he didn't attack the new Apple product the financial services technology veteran will clearly not be camping outside an Apple store when the new phone is available.

Nevertheless, it really doesn't matter what the critics think. Apple's shares soared to their lifetime high in Friday trading. Consumers want their iPhones.