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iPhone 5: What's New

Tickers in this article: T S VZ AAPL QCOM

NEW YORK ( TheStreet) -- Apple (AAPL) unveiled its iPhone 5 on Wednesday to much fanfare, ending months of speculation.

There had been speculation over what Apple would call the new iPhone until the company accidentally leaked the name of the new device earlier Wednesday in search terms on its Web site.

Even still, there are several new features which are sure to get tech pundits and consumers excited about the new phone, which is available Friday for pre-order. It will officially go on sale Sept. 21.

"It's an incredibly quick start," said Phil Schiller, the company's senior vice president of marketing. "This will be our fastest phone rollout ever."

Apple iPhone 5: Live-Blog Recap

Here's a list of the iPhone 5's most important new features:

What It Looks Like

The iPhone 5 has a bigger 4-inch screen (up from 3.5-inches), has a 16 x 9 aspect ratio, is a svelte 7.6 millimeters thick and weighs just 112 grams. As Apple tries to pack more features into a thinner device, it integrated the touch sensors integrated into the display itself, making the display 30% thinner than the previous version.

With the larger screen, there are now five rows of apps instead of the traditional four, and users can see the 326 pixels per inch, giving the iPhone 5 a 1136 x 640 resolution. In addition, the color saturation on the screen is 44% greater than the iPhone 4S.

The device also comes with Retina Display and runs on 4G or Long Term Evolution (LTE) networks from AT&T (T) , Verizon (VZ) , and Sprint (S) . The speed on the LTE networks is super fast, running at 100 megabits per second.

The ability to run on LTE networks plays into the company's decision to make the iPhone 5 with Retina display, as users watch video in widescreen format without letter boxing (the black bars at the top), and use apps on the larger screen.

Features

Running on LTE networks allows users to watch high-quality video and download data faster. Apple has a close relationship with 4G leader Qualcomm (QCOM) , so it's a good bet Qualcomm has some chips in the new phone. 4G networks are 10 times faster than 3G networks.

Capitalizing on the 4G networks, Apple announced its popular video service, FaceTime, would get an upgrade as well. FaceTime HD will have improved quality and run on the higher-speed networks, whereas before it was available just on Wi-Fi. Battery life is always a concern, but Apple noted that users would get eight hours of browsing on LTE networks, eight hours of talk time, and 10 hours of video playback time.

The new phone has an 8-megapixel camera enabled with smart filters. The camera allows you to take pictures in panoramic views, using Panorama. Users can capture a panoramic view by simply turning your camera through the scene. There's also the ability to shared photo streams with your friends, which may be a shot at Instagram. There's also the ability to shoot 1080p HD video with the iSight camera.