A lighter, faster and slimmer iPhone 5 has been revealed!!!

The waiting has ended finally, as Apple's CEO Tim Cook revealed the new 'iPhone 5', on Wednesday, it has a 4-inch display and is claimed to be the thinnest phone ever made. But the new iPhone 5, very much matches the previously leaked images in Asia.  

This shows that it’s gotten tough for Apple to maintain its culture of secrecy with so many component partners overseas.

The new iPhone has a new connector cord and has been named 'Lightning', which is durable, reversible and 80 percent smaller than old iPhone connector cord. So, for those who have drawers full of old chargers and connectors, don't panic, as Apple will also be selling an adapter. 

It has an additional vertical space on the screen, which would allow users to add a fifth additional row of apps on the home screen.

It also has a larger, juicier battery, which includes 8 hours of 3G talk time, 8 hours of LTE browsing and 10 hours on Wi-Fi. 

The iPhone camera is getting an upgrade as well. It now has an 8-megapixel sensor, backside illumination and a five-element lens. The improvements will be a big boon for low-light photography, typically the iPhone’s Achilles heel. The iPhone also includes a sapphire crystal to sharpen images, as well as systems to reduce digital noise and speed up the time it takes to snap a picture.

Its loaded with the latest version of iOS, the iOS 6. Apple’s new Maps feature will include turn-by-turn navigation and three-dimensional maps, and will show users places they might be interested in checking out, like restaurants and coffee shops.The new Apple maps feature is another way Apple is slowly eliminating Google from iOS.

Apple is expanding its Siri voice assistant in iOS 6, so you can get sports stats and movie recommendations and make restaurant reservations. You can post directly to Facebook with Siri by dictating status updates.

The new machine has speedier innards, due to a new A6 chip designed by Apple. The chip is twice as fast in terms of CPU and graphics. The chip means Web pages load twice as fast.

Here are the new features in iPhone5 Display, LTE, A6, cameras, dock connector, iOS 6.

The starting price of the iPhone 5 will be same as previous phones, $199 with a two-year contract for 16GB. The iPhone 4S will go at $99. The iPhone 4 will be free with contract. The phone goes on sale Sept. 21. 

Apple will start taking orders for the new phone on Friday, and hopes to have it in 100 countries by the end of the year.

UPDATE:

Apple has announced that iPhone 5's pre-order has crossed 2 million in the first 24 hours of its availability. This has broken the record of iPhone 4S, which held a record of 1 million pre-orders.

The overwhelming demand for the iPhone 5 has exceeded supply. Apple claims the “majority” of pre-orders will be delivered to customers on Sept. 21, but “many” are scheduled to be delivered in October.