iPhone 4S

While many expected an iPhone 5, the big news at Apple's "Let's talk iPhone" event is instead an iPhone 4S, a modest upgrade to the company's iPhone 4.

The new model features a faster dual-core A5 processor, 1 gigabyte of RAM, and the ability to handle more complex and sophisticated gaming, with a seven-fold increase in graphics speed. It also offers eight hours of talk time over 3G, six hours of browsing over 3G, nine hours of browsing over Wi-Fi, 10 hours of video, and 40 hours of music.

The device also has an 8-megapixel camera and a new system Apple's Phil Schiller says would be comparable to a point-and-shoot camera.