iPhone 5 gets its closeup*

In a nutshell, it'll be larger, lighter, faster, and be able to connect with more cellular networks. Apple's updated iPhone will be in stores on Sept. 21; pre-orders will start on Friday. As you might guess, crazy amounts of coverage. Fellow in the photo is Phil Schiller, Apple's senior vice president of worldwide marketing. From AP:

The phone will cost the same as the iPhone 4S did when it debuted, starting at $199 with a two-year contract in the U.S. Meanwhile, the price for the iPhone 4S will drop to $99 for new contract signers, and the iPhone 4 will be free. The iPhone 5 will come with the capability to connect to the fastest new wireless data networks, both in the U.S. and overseas. That's another feature that was widely expected. Some competing phones in the U.S. have had this ability for a year and an half. With the new model, Apple is ditching the connection port it's used for iPods, iPhones and iPads for nearly a decade in favor of a smaller, narrower one. That means Apple is still the holdout in an industry where other manufacturers have settled on a standard connector for charging and computer backups.

From the LAT:

The launch of a new iPhone will mean huge sales for the Cupertino, Calif., tech giant. Since the original iPhone debuted in 2007, Apple has sold more than 244 million units and has been credited with upending the smartphone industry. Sales of iPhones and related products and services accounted for 46% of Apple's revenue in the most recent quarter and 58% in the previous quarter. In its last fiscal year, the company reported revenue of $47.1 billion from sales of iPhones and related product and services, an 87% increase over the year before. Analysts estimate the iPhone has a gross margin of about 50%, making it an extremely profitable device for the world's most valuable company. Nearly two-thirds of Apple's profits come from the iPhone.

*Here's a rundown on the specs (from Washington Post)

• Thickness: 7.6mm, 18 percent thinner than iPhone 4S, 20 percent lighter.

• Screen: 4 inches, 16:9 aspect ratio, 1136 x 640 pixels, better color fidelity and saturation, retina display, five rows of icons on the home page.

• Network: 4G LTE connection.

• New processor: the A6 chip, twice as fast and 22 percent smaller.

• Battery life: 8 hours with LTE, 10 hours on Wifi.

• Camera: 8 megapixel, f/2.4, better low light capability.

• Sound: Three microphones, speakers are 20 percent smaller.

• New connector: "Lightning," the new dock connector, is confirmed. Adapters will be offered.

• Siri: Will now provide sports scores, turn-by-turn map directions and launch apps.

• Price: $199 for 16 GB, up to $399 for 64 GB, and the 4S is now free with contract.

• Color: The iPhone will come in two colors, white or slate.

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