This is a breaking news story, it will be updated as more details are announced.
At the Yerba Buena Center for the Arts in San Francisco, Apple CEO Tim Cook unveiled the much-anticipated iPhone 5.
Phil Schiller, senior vice president of worldwide marketing at Apple, described the new iPhone as "the most beautiful product we have ever made, bar none."
The Retina display is 4 inches, larger than the 4S. It's the thinnest and lightest iPhone yet, 18 percent thinner and 20 percent lighter than its predecessor. Available in black or white, the iPhone 5 will include five rows of icons, plus the four shortcuts on the bottom.
It's made entirely of glass and aluminum, Schiller adds. "I don't think it's an exaggeration to say that the hardware and software engineering that has gone into this product is unlike we've ever undertaken before."
What about its wireless connectivity? Expect the iPhone 5 to harness HSPA+ (at 21Mbps), DC-HSDPA (42Mbps), and LTE/4G, with a max of 100Mbps. The embedded A6 processor has a CPU and graphics power twice as fast compared to the A5. Essentially, a page will load 2.1 times faster than it did before on the 4S.
It will use a single chip for voice and data, and a single radio chip as well, Schiller said.
But all this boost in power comes at a cost, right? Schiller said battery life maxes out at 8 hours of 3G or LTE talk time or browsing. Or, 10 hours on WiFi browsing.
Discussing the phone's camera, Schiller says the eight-megapixel five-element lens adds a dynamic low light mode and a sapphire lens crystal cover. Apple also included a panorama mode so you can take continuous photos while panning the camera from left to right.
The video capabilities also got juiced. The front-facing camera is now 720p, and is also backside illuminated. Three microphones are now included on the iPhone 5.
How much will the new iPhone 5 set you back? No more than the 4S would, Schiller said, announcing the smartphone will cost $199 for 16GB, $299 for 32GB, and $399 for 64GB (all prices US).
As with all new iterations of the iPhone, a new iOS is on the way too. iOS 6 will feature a revamped Maps app (e.g. a search engine with 100 million points of interest), a full-screen version of Safari, iCloud Tabs (lets you share your tabs from your desktop to your phone), and an updated Siri (launch apps and post Facebook status updates by voice).
Earlier, Cook spoke about the appeal of the Apple product line, including a few tidbits on the iPad.
"We sold more iPads than any PC manufacturer sold of their entire PC line," he boasted, adding last quarter, 17 million iPads were sold April - June.
He also announced the launch of iTunes 11, as other media reports suggested