The SD801 is the same thing as the 800, just clocked higher so its a little faster. That's pretty much it. Its not so much "last years specs' as it is just 'process improvement' at this point.
The 805 processor is the one that's different and nothing uses that yet because its not ready for prime time. Most likely we'll see devices equipped with this processor during the next wave of mobiles in Septemberish timeframe.
The flagship situation isn't like last year where WP was stuck with snapdragon S4 Pro dual cores competing with quad core snapdragon 600s. We have Snapdragon 800 beasts vs alittle bit faster snapdragon 801 beasts. Could they have used the 801s? yeah it probably would look a little better considering how many people think the 801 is such new hat vs the old outdated 800 when they're practically the same thing.
Everything else is also par for the course...20mpx camera (HTC One M8 has a 4mpx, Galaxy S5 has the same 13mpx as the S4, IPhone I think still uses 8mpx, Sony Xperia Z I believe has 20mpx), 5" screen (HTC One m8 is 5", S5 is 5.1", Xperia is 5.2"), internal space (either 16gb or 32gb, but the others have the MicroSD slot, so at least the 930 uses 32gb), so I don't see how anyone should be disappointed (aside from lack of SD card) with this device. But since the Icon was released back in August (or whenever it was) this SHOULD have been released then (since its practically the same thing), but Nokia and its infinite wisdom gives carriers their 6months of exclusivity which kills any momentum. Especially when I heard nary a peep of the Icon leading up to its release.
Still, this was what I wanted, a smaller 1520, and it took awhile but its finally out there. I'd like to have a 1020 successor with the snapdragon 805 (at this point that seems to be the likely processor it'll use) but im ready to retire my Lumia 710 anytime now. I probably would have bit the bullet on a 1520 back in August or whenever it was launched but its too damn big for my tastes.