I would argue that there is a reason why Samsung, LG, Motorola, et al cannot follow this model – Apple is a player in the high end of the mobile market. They come out with a new phone once a year, and it's hotly anticipated because in most (if not all) respects the new phone will be the most impressive phone on the market. Couple that with new OS features, and it creates quite a buzz.

If Samsung (for example) just made one phone a year, they'd lose market share because it would only be 'the latest thing' for a few weeks until someone else came out with an Android phone. Even if Samsung's product life cycle comes in one-year intervals, the rest of the Android community is much faster, and carriers will be glad to push the latest new phone with the latest whiz-bang features.

In order for Samsung to really compete, they would have to make a high-end, cutting-edge phone, comparable in build quality, features, and software to the iPhone. It would have to stand head and shoulders above the sea of mediocre Android handsets, and stay there for quite a while. It would need to be different enough from the rest that it was a clear winner, the Android phone to own this year. This would have to be said about the hardware and the software.

There are two problems here. Samsung isn't a software company, so their modifications to Android are superficial at best and mostly take the form of different UIs, as well as the bundled carrier apps that they have to agree to in order to get a carrier's full support. Samsung can't make a truly great smartphone because they're shipping the same thing everyone else is shipping – the latest Android build, with a different coat of paint.

There's also the hardware end. Apple knows that they're going to sell massive numbers of phones (according to the earnings call today, they're selling them as fast as they're making them, which I believe). They can pre-buy billions of dollars worth of components ahead of time to get preferential pricing and treatment. Their competitors can't match them because they simply cannot get the same hardware for the same price, and so their margins end up slimmer and they have to sell more units to recoup their costs.

Amusingly, Samsung is one of the companies Apple has preferential deals with (for Flash memory), and if I recall correctly, LG is another one (for LCD panels, not likely for mobile though).

So in order for Samsung to make the exact same hardware as Apple, they would have to sell it for more, in larger volumes, with lower margins, which would require betting big on one new product and impressing everyone. It would also require doing something new and innovative with Android, which is difficult because Google and Apple are both doing new and innovative things with their respective OSes so it would be difficult for Samsung to get ahead of either one.

Even assuming they did all that, they're still up against iOS's established mind share. Everyone's heard of the iPhone, and a lot of people want it. They want the apps, the TV shows, the movies, the music. Each step Apple has taken has built upon the successes of the last - first iTunes, then the iPod, then the iTunes Store, then movies and TV shows, then the iPhone, then the app store, and then the iPad. Samsung can't duplicate the entire stack, and they can't piece it together from existing offerings in a way that other providers (or end users) couldn't do. Even if they did manage that, they wouldn't be taking nearly as much of the profits from all of those services as Apple does with its own stack.

There's no way for Samsung (or the other providers) to differentiate themselves significantly. In consumers' minds, there's 'Blackberry', 'iPhone' and 'neither', and establishing a totally new category just for one phone based off of the same software as most of the smartphones in the 'neither' category isn't feasible; supporting it for two years afterward is impossible.

It's much more practical for Samsung to ship a new, slightly-better-than-the-rest phone every six months and just catch their share of the little fish, instead of trying to catch the big fish and risk getting hurt.