[UPDATE] Apple announces taller, lighter, thinner smartphone at San Francisco media event; launching September 21 at $199 with two-year contract.

[UPDATE] Following the publication of this story, Apple confirmed the launch date and pricing options for the iPhone 5. It launches September 21, with preorders available beginning September 14. Three different options will be available for the iPhone 5, including a 16GB model for $199, 32GB for $299, and 64GB for $399.

As for price cuts for old model iPhones, Apple said the 8GB iPhone 4 will be free with a contract, and the 16GB iPhone 4S will sell for $99.

The original story follows below

Apple has finally confirmed the next iPhone. Today during a media presentation in San Francisco attended by GameSpot sister site CNET, the technology giant officially announced the iPhone 5. The new smartphone will be taller, lighter, and thinner than the most recent model, the iPhone 4S.

iPhone 5: confirmed. Image credit: CNET

The iPhone 5 is 18 percent thinner than the iPhone 4S, and weighs 112 grams. According to Apple senior vice president of worldwide marketing Philip Schiller, this makes the iPhone 5 the world's thinnest smartphone. The device features a 4-inch retina display with 326 pixels per inch, with additional vertical pixels allowing for a fifth row of icons to fit on the home screen.

All existing apps will run on the iPhone 5 and none will be stretched or scaled to fit the new screen. Rather, apps will center on the screen, with black borders on each side filling the vacant space. Additionally, the iPhone 5 boasts a new A6 processor, which Apple claims is two times faster than the A5.

Concerning battery life, Apple said the iPhone 5 will cover 8 hours each for 3G talktime, 3G browsing, and LTE browsing. Additionally, users can expect the device to last 10 hours for Wifi browsing and video viewing, and 40 hours for music. Left on standby, the iPhone 5 battery will last for 225 hours, Apple said.

The iPhone 5's new iSight camera sports an 8 megapixel sensor, 3264 x 2448 resolution with backside illumination, a hybrid IR filter, five-element lens, and f2.4 aperture. It is 25 percent smaller than the previous iteration, according to Apple.

Concerning video, the iPhone 5 supports 1080p, and boasts improved stabilization. Additionally, it allows for face detection for up to 10 people, and allows users to snap photos while shooting video. It includes three microphones, an increase from 2, as well as a front-facing camera for "FaceTime HD" with 720p support.

Lastly, Apple announced that it is finally doing away with the 30-pin connector it launched with the original iPod in 2003. It will be replaced by a smaller connector called Lightning.

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