As per the leaked handset and images, the iPhone 5 is cased in an aluminium unibody, though what was not clear before is the new phone's smarter single-layer screen, reduced weight and slimmer frame.
At 7.6mm, Apple's Vice President Phil Schiller boasts that the new device is 'thinner than ever' and claims it to be the world's thinnest smartphone - 18% skinnier than the 4S. The less bulky body also significantly reduces the weight to a mere 3.95 ounces, which adds up to a 20% reduction.
Apple's A6 processor at the core of iPhone 5's power
With an array of tweaks and some new features, the iPhone is yet to go the way of its forerunner, the iPod, in terms of jazzed up colour options, but as we all know: it's what's on the inside that really counts.
The iPhone 5's new CPU (brain) is reportedly double the speed than that of the 4S, with also twice the graphics processing power. This does not simply enable faster loading times for apps and web pages, but significantly strengthens the smartphone as a gaming platform, allowing developers the opportunity to be a little more ambitious.
New iPhone 5 camera boasts 8MP camera, improved video
The saying goes that 'the best camera is the one you have with you' - and an iPhone 5 owner will never leave home without a five-element lens with an aperture of up f/2.4 and an 8 megapixel sensor.
The hybrid infrared filter and dynamic low light modes are also new, and shielded by sapphire crystal. A set of car keys will not come close to scratching such a hard surface, which is good news for longevity.
Aside from the hardware, the new 'panorama mode' will allow users to capture wider vistas without using clunky stitching technology, and given the added speed of the iPhone 5, there will be less chance of important photo opportunities passing you by.
Identical to the previous model, this iPhone has full HD at 1080p, but apparently has better image stabilisation and face detection, geared up for video tagging.
Cost and shipping - iPhone 5 could hit GCC in September
There may be some debate as to whether elements of Apple's keynote are anything new. That is certainly true when it comes to cost, with prices unchanged since the iPhone 4S unveiling.
A 16GB iPhone 5 will debut in US stores at $199, the 32GB at $299 and the 64GB model will retail $399, though prices are dependent on a two-year contract.
North America, UK, France, Germany, Australia, Japan, Hong Kong and Singapore will be able to pre-order the new iPhone from Friday, in order to receive it a week later on September 21. It is expected that the device will hit Middle East stores on September 28, during the second wave of the release.
Apple's keynote also boasts tablet dominance
In the build up to the iPhone's unveiling, Apple made sure to affirm the iPad's dominance amongst tablet devices.
CEO Tim Cook took to the stage to announce that 84 million iPads have been sold to date, with Apple currently holding a 68% share of the tablet market and the iPad accounting for a gigantic 91% of all tablet-based web traffic.