In a press conference today, Apple revealed its much anticipated new phone, the iPhone 5.

The phone will support LTE wireless technology, as well as come packed with myriad new features, including a new slimmer and faster 'Lightning' connector, upgraded map and turn-by-turn direction technology (as well as updates to Siri), Passbook, and a photo share feature that allows you to share photo streams with circles of friends.

Spec wise, the phone comes in at 18% thinner and 20% lighter than the previous model, the iPhone 4S.

Preorders for the phone open on September 14, with the device launching September 21 in both a black and white color option. The models are priced (with a contract) at $199 (16 gig), $299 (32 gig), and $399 (64 gig). Also, the iPhone 4 is now free on contract, and the iPhone 4S has dropped to $99.

What do you all think of the new phone? Will you be preordering one on Friday? Make sure to keep an eye on City's entertainment blog, as we'll have more on the iPhone 5, as well as hands-on impressions as we get closer to launch.