The next generation handset, made entirely of glass and aluminium, is being touted as the "thinnest smartphone in the world" at 7.6mm in depth.
Copyright: AppleWeighing in at 112 grams, the iPhone 5 is 20% lighter than the current generation iPhone 4S.
As previously rumoured, the device sports a larger 4-inch Retina display capable of displaying 326 pixels per inch with a resolution of 1136 x 640. Apple apps such as iWork suite and iPhoto have been optimised for a bigger screen, as has some third-party software.
The screen offers 44% more colour saturation than iPhone 4S and uses in-cell technology, integrating the touch layer in the LCD allowing for a thinner form factor.
Apple's iPhone 5 is backed by ultrafast wireless technology, including GPRS, EDGE, EV-DO, HSPA+ and LTE. It will be available in the UK on Everything Everywhere's EE network.
Under the hood, the iPhone 5 is powered by a new A6 processor, offering twice the speed of its predecessor and new graphical capabilities.
The handset will offer improved battery life, with eight hours of talk time and 3G browsing, eight hours of LTE Browsing, 10 hours of video playback, and 40 hours of music playback supported.
The iSight camera is powered by the same 8MB sensor in iPhone 4S's snapper, but it is 25% smaller with a raft of new features, including a dynamic low light mode, precision lens alignment for better focusing and a sapphire crystal lens cover.
Thanks to the A6 processor, the camera offers new imaging features such as spatial noise reduction, smart filtering, improved low light performance and faster photo capture. Photo sharing through iCloud is also supported, as well as panoramic shooting and the ability to take pictures while filming video.
Videos can be shot in 1080p HD, which is the same resolution as the iPhone 4S, but video stabilisation has been improved and face detection for up to 10 people is included.
The device's front-facing camera has been upgraded to 720p for improved FaceTime support. There are three microphones built-in to the handset, and its on-board speaker has been improved for higher quality audio output.
As was also previously rumoured, the iPhone 5 supports a smaller connector dubbed Lightning. It is made up of eight exposed pins with the ninth being the metal surrounding. Apple has promised that an adaptor will be available to make the phone compatible with previous generation accessories.
The iPhone 5 runs the iOS 6 operating system, the key features of which include Apple's Maps service with turn-by-turn navigation and Siri support, the Passbook service for managing tickets, vouchers and store cards, and deep Facebook integration.
Apple's patented Siri voice navigation software has been refined, and now offers sports scores and standings on demand. Facebook updates can now been added through Siri, and apps launched through vocal commands.
Available in black and white, the iPhone 5 will cost $199 for the 16GB model on contract, $299 for 32GB and $399 for 64GB. The launch will mean that other iPhones come down in price, including the iPhone 4S now costing $99 for the 16GB model.
Pre-orders start this Friday (September 14), and the product will go on sale on September 21 in various markets, including the UK. All compatible iOS devices will be able to upgrade to iOS 6 for free on September 19.