Following months of leaks, there were few major surprises at the launch - the iPhone 5 arrives with a larger 4-inch Retina display, displaying more information both in portrait and widescreen.
Thanks to some clever engineering by Apple, the new iPhone is the same width as the iPhone 4S, and also thinner than its predecessor.
The phone also has improved camera technology, Apple's new A6 processor, a smaller 'Lightning' doc connector, 4G connectivity on the EE network in Britain and Earpods, the brand new Apple headphones specially designed to fit better in your ear.
Pre-orders for the iPhone 5 get underway on Friday and the smartphone will go on sale on September 21 in various markets, including the UK.
According to IHS, the arrival of the iPhone 5 will help Apple sell 149m phones in 2012, up 60% on the 93m it sold last year.
So the experts are sure that it will be a success, but what do you think?
Were you impressed by the new taller, thinner and more refined iPhone? Or were you hoping for more from the world's biggest and most innovative technology firm?
Let us know if you plan to buy an iPhone 5, and also give us your comments on the product launch below: