Apple held an event on Sept. 12 where they unveiled the iPhone 5 and the latest versions of the iPod Touch. Click here to watch the live streamed video online. 

Apple Inc. have strategized to only once a year release upgrades for a product that makes up about 70 percent of the company's profit, according to New York Metro. Chief Executive Officer, Tim Cook, made the announcement about the new phone on Wednesday. You can also see the event on CNET's live blog. 

Cook took over as Apple's CEO after the death of the legendary Steve Jobs. Many viewers tuned in to watch all the action live yesterday, regardless of the fact that replays are widely available. The iPhone 5 will unfortunately not hit shelves until Sept. 21. But on the bright side, preorders are available for those impatient gadget lovers starting Sept. 14 by cell phone providers AT&T, Sprint and Verizon.  

The event only confirmed leaked rumored features about the iPhone 5 that had been buzzing throughout the summer in anticipation of the new Apple gadget. 

The screen, like previously rumored, was announced to be 4 inches in size, a half-inch bump up from the previous iPhone, the processor is twice as fast as the iPhone 4S and the battery life lasts longer, amNew York reported. On one battery life, the phone will be able to withstand eight hours of talk time and web browsing. It is also the thinnest and lightest iPhone yet and the camera quality has also been upgraded. The connector is also reported to be much smaller.

A iPad Mini is the next thing on the list for Apple. It is said to come out October 2012 and Cook said "the iPad is driving the post-PC revolution at a breathtaking pace."

The Apple site called the iPhone 5 "The biggest thing to happen to iPhone since iPhone" and sales are expected to highly boost their current numbers. The only competition they might face, if any, is from Samsung, who recently released the Galaxy S3. Reportedly, it is said to bring in more than 30 million by the end of the year. The Galaxy Note 2 will also hit U.S. stores later this year.