Phil Schiller Announces the iPhone 5, Preorders Begin Friday, In Stores Sept. 21

Following a rousing introduction by CEO Tim Cook, senior marketing VP Phil Schiller takes the stage at the Yerba Buena Center in San Francisco to announce the iPhone 5, which pretty much matches to a tee what has been leaked and rumored in recent weeks.

Wasting no time in a likely packed media event, Apple senior VP or market Phil Schiller has introduced the iPhone 5, which claims to be 18 percent thinner than the current iPhone 4S at only 7.6mm and 20 percent lighter than its predecessor.

As rumored, the iPhone 5 includes a new four-inch display with a 16:9 aspect ratio at 1136 x 640 resolution and a 326ppi Retina Display. "This is the monumental challenge we had," Schiller notes. "Can you make a phone with more features that is smaller and lighter? Anyone can make a bigger phone."

Schiller claims the iPhone 5 is designed for a user's hand, but the larger display will allow for a fifth row of icons to be displayed. All of Apple's built-in apps have already been updated for the taller display, while third-party apps yet to be updated will simply run as before with black bars taking up the extra space.

The iPhone 5 screen also includes 44 percent more color saturation and integrated touchscreen. "This is the most accurate display in the industry," Schiller boasts. "The touch sensors are integrated right into the display itself. We removed a layer and made it sharper. This is the world's most advanced display, and I couldn't be prouder of it."

Also as rumored, the iPhone 5 brings "ultrafast wireless" in the form of HSPA

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