By Jim Donovan

By Jim Donovan

PHILADELPHIA (CBS) — It’s the day that iPhone users have been waiting for. Today, Apple unveiled the new iPhone 5. It hits stores on September 21st, but you can preorder one beginning this Friday.

The new iPhone 5 is 18 percent thinner, 20 percent lighter, and has a 4-inch display. It has a faster processor, 4G Long Term Evolution for quicker data speeds, and the front facing camera has been upgraded to high definition. Phil Schiller of Apple marketing says, “It’s designed and built to an exacting level of standard unlike anything we or anyone in our industry has ever done before.”

Apple is ditching the connection port it has used for nearly a decade in favor of a smaller and narrower one. Adapters will be available so that the new phone will be able to connect to sound docs and other accessories designed for the old phones.

Tech writer Scott Stein has been covering Apple for eight years and says the allure of its new products, including the iPhone, hasn’t faded. He says, “I think in the beginning it was its futurism, but I think now what makes it attractive is its ease of use and its consistency.”

But rivals have been gaining ground. With the iPhone 5, Apple is looking for a homerun. According to CNET’s Josh Lowensohn, “The 4S was really just a 4 with a couple of internal tweaks. You couldn’t really tell the difference. This is a phone that you’re largely going to see from across the room and know it’s a newer device.”

The phone will come in black or white and will cost the same as the iPhone 4S did when it debuted. Prices start at $199 with a two year contract and go up from there depending on the amount of memory. By the way, the iPhone 4S will now sell for $99 with a contract.

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