By Ian Bush

PHILADELPHIA (CBS) - It’s one of the most-hyped product announcements of the year — Apple this afternoon is expected to take the wraps off its new iPhone.

The iPhone 5 (or whatever they’ll call it) comes two years after hordes of people bought the then-new iPhone 4.

“So those two-year phone contracts expire this fall, which means they can all get the discounted, probably $199 price for the new iPhone.”

CNET senior editor Dan Ackerman says (via Skype) the 5 should improve on the current device’s screen size with a taller display.

“And hopefully the iPhone 5 is going to work on those faster 4G and LTE networks that a lot of the Android phones work on. That’ll make your web surfing a lot faster”

We might see a new earphone design and a new dock connector that’ll make your accessories obsolete or put you in the market for an adaptor.

There’s also the chance Apple could unveil a smaller tablet to compete with the Kindle Fire and Google’s Nexus 7, but an iPad Mini is more likely to get its own event.