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.