Apple Inc. unveils the highly hyped fifth generation iPhone at its Cupertino, California headquarters. The event marks the first time Tim Cook will take center stage after succeeding the ailing Steve Jobs. While hoping to stride out from Jobs' shadow, he hopes to retain the Apple founder's magic in pitching new Apple devices. More than whether Cook will give the first impression that he is a showman and a visionary like Jobs, here are five things we'd love to see at the Oct. 4 but probably won't:

1. Game-changing innovations. The iPhone defined the smartphone category but that was four years ago. The iPhone 5 is expected to break all smartphone records notwithstanding that rivals now have their own touch-screen phones with dual-core processors, apps-based platforms and keen eye for aesthetics. The iPhone 5 is expected to see few significant improvements (camera upgraded from 5 MP to 8 MP, slightly bigger screen). Although next year we'll have an iPhone 6 that is expected to have quad-core processors (which would make phones as powerful as desktops) and have a platform that would take advantage of Apple's iCloud infrastructure -- but these features that will also be in competing smartphones. Is Apple slowing down or are rivals picking up speed? Cook is more of an operations and supply chain guy, and Apple is more than OK with increasing market share every quarter and gross margins of 40%, but Cook needs to at least continue Jobs' focus on game-changing innovations.

2. Beyond the iPad and iPhone. If Cook wants to get out of Jobs' shadows, he should share his visions of the post Jobs-era of Apple. How would Apple counter Microsoft's project of implementing a platform that would work for PCs, tablets and smartphones? How would it penetrate emerging markets, which are dominated by Nokia and Samsung? The iPad is becoming a popular gaming device, although those games are Angry Birds and those found in Facebook, not the hard-core games provided by traditional developers. So, would Apple try out the gaming console market now that Nintendo (3DS, Wii), Microsoft Corp. (Xbox 360) and Sony Corp. (PlayStation) are seeing softening sales?

3. Cheap iPads, iPhones. Apple is posting record revenue and profit notwithstanding that its $500 or $600 mobile devices are priced way higher than competition. Apple's strong following and command of the high-end market have made it less susceptible to the recession. But Research In Motion stopped being ambitious after cornering the high-end segment; now, the maker of the BlackBerry is quickly losing relevance. Apple needs to penetrate the low-end mobile devices market, as it won't likely be able to sustain its business of placing expensive devices in shelves. The iPhone 4S is a good start, but Apple needs to do more to cater to a wider market. Amazon, for example, is launching a tablet that's priced at $199, just 60% cheaper than an entry-level iPad 2; unlike others that failed, Amazon has a deep portfolio of, and cheaper, digital content that could rival Apple's ecosystem of apps. In fact there's news that Apple has cut iPad orders from Asian supply-chain partners by 25 percent.

4. Wide array of i-devices. Apple just releases a single version of the iPhone or iPad each year, but what if a rival comes up with an iPhone killer? Samsung is quickly gaining market share as it has a wide portfolio of products that also cater the low-end mobile phone market. And Samsung is able to survive failed launches and even an injunction against the Galaxy S2 or the Galaxy Tab 10.1 because it has a wide portfolio of mobile devices.

5. What to do with the cash. With its shares worth $350 billion and ending its June quarter with more than $76.2 billion in cash and marketable securities, Apple has resources for any multi-billion-dollar acquisitions or investments. Why not invest in the high-margin information technology segment like Cisco Systems Inc. or International Business Machines Corp.? Or bid for Nokia, which is now only worth $21 billion, in order to penetrate international markets? Apple is the world's number valuable tech company and its simple business plan -- outsource the parts and assembly, add lipstick to these devices, and sell these beautiful devices at a premium of 40% -- is working pretty well. Although enviable, Apple is not invincible. Note that decades ago it lost its superiority in PCs to Dell Inc., and Jobs was forced out. Nokia had a long-lasting stint as king of phones, but the Finnish handset giant has been overthrown by Apple and Android devices.