It doesn't take photos anyway, only videos. It looks like the best way to avoid a finger in the shot is to hold it one handed. With the small size of the Nanos, this should be easy.

As for the overall hype and being underwhelming, I think it's all due to the press, and nothing specific Apple does. There has been a ton of hype leading into any Apple event, with wild rumors and other non truths building up the events to more then they really are. Other companies hold pointless events like this as well, they just don't get the hype. For example, Microsoft had an event yesterday at CEDIA to show off some features in Windows 7 Media Center, and Sony showed off some new TV models, something they also do every year about the same time like Apple does with the iPods.