On Tuesday, Nintendo (NTDOY  ) announced its brand new Switch (OLED Model) to a somewhat jaded reception from fans and investors.

Enthusiasts had hoped for more than just a screen upgrade from the next iteration of the Nintendo Switch. As for years, rumors had been circulating that a so-called "Switch Pro" was in the works. Rumor had it that this "Switch Pro" would boast higher frame rates and would be capable of supporting 4k resolutions, due in part to the inclusion of Nvidia (NVDA  ) chips.

Nintendo firmly put such rumors to rest shortly after announcing the new Switch (OLED Model).

"The Nintendo Switch (OLED model) does not have a new CPU, or more RAM, from previous Switch models," one Nintendo spokesperson told The Verge shortly after the announcement.

The new model will appear on store shelves on October 8 and will sell at a base price of roughly $350.

Handheld and tabletop players are likely to reap the most benefit from the Switch's new features. The improved OLED display will appear brighter and boast a higher resolution than prior LCD versions of the Switch. Enhanced audio should make for a more immersive handheld experience. At the same time, the improved kickstand is a welcome addition for tabletop players who've had to battle for years with the Switch's notoriously flimsy stand.

All players will likely appreciate that the new model offers double the storage of prior versions, coming with 64 GB, up from the previous 32 GB. Switch OLED's improved docking station with a built-in ethernet port should reduce latency and speed up downloads across the board.

Beyond that, there's little to write home about. Switch players who use the console through their television won't benefit much from the new display. The enhanced audio of this new version is tempered by a continued lack of Bluetooth audio support. Meanwhile, when it debuts in late 2021, the Switch OLED will still be years behind competing consoles in terms of graphic capabilities.

"Nintendo's updated Switch console with an OLED display won't catalyze as strong sales as the rumored Switch Pro device, in our view, given it maintains the same graphical fidelity as the original Switch," writes BloombergIntelligence. "A Switch Pro with 4K graphics may have to wait until fiscal 2023 alongside the expected release of the sequel to Zelda Breath of the Wild and other key games."

After the announcement, Nintendo enthusiasts took to Twitter (TWTR  ) to vent their frustrations. One meme features characters from Sailor Moon, a late 90s anime, with one character representing Nintendo saying, "my job here is done," to which the other character replies, "but you didn't do anything." Another tweet that garnered thousands of likes depicted the Switch OLED model as a clunky 70s style sedan clumsily retrofitted with the top half of a luxury sports car.

Disappointments aside, the global semiconductor shortage may have played a part in Nintendo's decision to hold off on hardware upgrades this time around, although, at the moment, this remains speculation.

"Due to the global shortage of semiconductor materials, we are not able to produce all the products we want to," Nintendo president Shuntaro Furukawa admitted at a press conference in May. "We are doing everything we can, but there is an increasing sense of uncertainty about production plans."