Everything you need to know about the new iPhone 5

Apple announced the new iPhone 5 today with changes and improvements across the board compared to the iPhone 4S. Here are the highlights:

Weight loss challenge

The iPhone 5 is significantly lighter than the 4S, shedding one ounce while offering more battery life. The iPhone 5 is also longer and has a brushed aluminum back rather than the glass of the 4S. Expect the iPhone 5 to look shinier than the 4S due to the new manufacturing techniques used in its glass and metal construction.

I can see clearly now

The screen on the iPhone 5 has grown to 4 inches compared to 3.5 inches on the 4S. It's still a retina screen, which means unmatched text and image precision.

Brainpower

The main brain of the iPhone 5 is twice as fast as that of the 4S, so it will react faster and the camera should also be snappier.

Speaking of snapping...

The rear eight megapixel camera has been slightly improved and a panorama mode has been added. The front facing camera now offers high definition video capture for more detailed FaceTime calls.

Dock connector

As expected, the iPhone 5 has a new dock connector called Lightning. It can be conneted to older 30 pin iPhone and iPad accessories using an adapter which will be available in October, but time will tell whether every pre-existing accessories will work reliably with the adapter. Expect dedicated iPhone 5 accessories, like speaker docks, from major manufacturers to hit the shelves in time for the Holiday Season. Accessories from smaller manufacturers may take longer to develop and manufacture.

Listen up!

Earbud are out, earpods are in. Apple has completely redesigned its famous white headphones to make them more comfortable to wear.

Cell networks

Verizon, AT&T and Sprint will all get the iPhone 5, which will now offer high speed 4G LTE data compatibility on all where available. Verizon has the largest LTE network in the US, while AT&T and Sprint continue to play catch-up.

I'm reaching for my wallet...what's the damage?

As expected, Apple kept the same pricing structure as previously and moved old models down by one pricing level. This means the iPhone 5 ranges from $199 to $399 depending on storage capacity. The 4S will drop to $99 and the 4 will be free. The 3GS is history. All prices are based on a new two-year contract.

How do I get one?

Pre-orders in the US for the iPhone 5 start on Friday September 14 and the first batch should be delivered on September 21, which is when the iPhone 5 will be available in stores. If your existing Verizon, AT&T or Sprint contract has expired then you should be able to pre-order an iPhone 5 on Apple's website on September 14 and initiate a new two year contract.

Neil Berman, Helper-in-Chief, TheONbutton