Apple Announces the iPhone 5

Apple announced the newest iPhone, iPhone 5, at a special event in San Francisco at the Yerba Buena Center for the Arts. Apple CEO Tim Cook and vice president of marketing Phil Schiller took the stage to talk about Apple's newest product innovations, while most attendees and liveblog followers waited eagerly for the details on the (rumored) phone announcement, which came quickly.

"It's an absolute jewel," Schiller told the crowd. With a smaller, thinner frame (18 percent thinner than the 4S and 20 percent lighter), the new iPhone 5 sports a larger, 4-inch screen (allowing for an extra row of icons). 

The iPhone will also sport an 8 megapixel camera, with better low-light performance and faster captures. It has high-speed 4G LTE connectivity and improved battery life. 

One of the biggest changes is the dock connector. The smaller dock will require a new cable charger named "Lightning" in order to connect to other, older devices. 

The phone will be available in black and white and will be available for $199 (16 GB), $299 (32 GB), and $399 (64 GB). Pre-orders begin Friday and the iPhone 5 will launch September 21, reports the Los Angeles Times. More details are being released as the day goes on. 

Are you excited by the announcement? Will you be ordering the new phone?