The new iPhone is finally official. Apple has named its sixth-generation smartphone the iPhone 5 and Phil Schiller has detailed its full set of features, specs, and release details. Measuring 7.6mm in thickness and 112 grams in weight, this is the thinnest and lightest iPhone that Apple has ever made, and is constructed "entirely" out of glass and aluminum. The new iPhone looks pretty much identical to all the leaks and mockups we've seen in the past few weeks — evidently Apple wasn't able to keep a lid on its most anticipated product, after all.

And yes, it has a 4-inch display! The new screen resolution is the oft-rumored 1136 x 640, meaning the display of the iPhone 4 and 4S has simply been elongated, both physically and in terms of pixel rows. To quote Phil, "you see, we're able to add a fifth row of icons." All of Apple's own software has been updated for the new resolution and screen size, while third-party apps will be letterboxed where necessary. Also in line with pre-launch rumors, the new iPhone's display features in-cell touchscreen technology, integrating the touch sensors right into the display itself. This should make for a thinner panel overall, though Apple also touts it as "the most accurate display in the industry."

There's also LTE connectivity, with a single chip, single radio, and what Apple describes as a "dynamic" antenna. Sprint, Verizon, and AT&T LTE flavors will all be supported by the iPhone 5. Apple rates this new handset's battery life at 8 hours of LTE web browsing.

A new 8-megapixel camera with an f/2.4 aperture and a hybrid IR filter will be present on the iPhone 5, with a promise of improved low light performance and 40 percent faster photo capture. The sensor is backside-illuminated. Catching up with the competition, Apple is also adding in a new Panorama mode to its camera software. Much like with HTC's ImageSense, the new iPhone 5 camera will allow you to also take still photos while recording video, which maxes out at 1080p resolution.

The iPhone 5's processor has been upgraded to Apple's A6 SoC, which Apple suggests will result in double the CPU performance and two times faster graphics. There are three microphones in the iPhone 5, which will support HD voice and also includes a redesigned loudspeaker that's 20 percent smaller than before. The headphone jack has, as anticipated, been repositioned to the bottom of the phone.

Apple is today also introducing an all-new Lightning dock connector — 80 percent smaller than its traditional 30-pin cable, this 8-pin all-digital plug offers a reversible design and improved durability. Apple will naturally provide an adapter for all your old accessories.

Your color choices? Black and white. Pricing is set at the usual $199 for the 16GB iPhone 5 on a two-year contract, $299 for 32GB, or $399 for the 64GB version. Pre-orders are opening on September 14th, with shipping starting on September 21st. The first countries to get the new handset will be the US, UK, Canada, France, Germany, Australia, Japan, Hong Kong and Singapore. More will then follow from September 28th onwards.

One of the long-awaited features in iOS 6 is the ability to make FaceTime calls over a cellular connection, and Verizon isn't planning to limit it in the slightest. The Wall Street Journal is reporting that iPhone users on Big Red will be able to use the feature no matter what flavor of data plan they may be using, for no additional charge. The position stands in stark contrast to that of rival AT&T, which sparked a still-ongoing controversy when it announced that its customers would only be able to use FaceTime over cellular if they switched to one of AT&T's new shared data plans. Sprint as well has also said that it has no plans to charge extra for the feature.

FaceTime itself has been limited to Wi-Fi since its introduction, with even the new LTE-capable iPad unable to make FaceTime calls over that device's speedy connection. That all changes with iOS 6 — but of course, the newfound ability is dependent on carrier support.

While Verizon's stance is no doubt great news for its customers, it shouldn't been seen as something the carrier is simply doing out of the kindness of its heart. The 700MHz block of spectrum Verizon uses for its LTE service came with the requirement that the carrier not limit the usability of applications or devices that take advantage of it — a requirement that the FCC feels Verizon has already violated once. Still, the net result is the same for customers, and given Verizon's significant lead in LTE deployment, it may be enough to incentivize more than a few AT&T users to jump ship.