The device once again comes with the Retina display and has the same 326 pixels per inch found in the iPhone 4S. In terms of resolution, users can expect 1,136 x 640, Schiller says. The screen has a 16:9 aspect ratio.
Apple says that it has updated its software, including iLife, iWork, and the native apps, among others, to accommodate the larger display. In addition, the company will allow developers to update their apps to accommodate the larger screen.
Apple announced that, as expected, the iPhone 5 will come with support for 4G LTE service, delivering what it calls, "Ultrafast Wireless." The device's LTE service will be available in the U.S. on Sprint, Verizon Wireless, and AT&T networks.
Apple says that the platform will offer up HSPA+ and DC-HSPDA.For Wi-Fi side, the device will boast support for 802.11n 2.4GHz and 5GHz signals.
According to Schiller, the chip is 22 percent smaller than the previous A5, available in the iPhone 4S, but is twice as fast and doubles the graphics performance of its predecessor. Saving an image from an iPhoto app, for example, is 1.7-times faster on an iPhone 5 than on the iPhone 4S.
According to Apple, the camera now comes with an 8-megapixel sensor and 3,264 x 2,448 resolution. Backside illumination, a five-element lens, and better low-light performance are just a few of the upgrades that have made their way to the iSight. Users will also be able to take panoramic shots, thanks to built-in software. Apple says that the lens will deliver 1080p video and facial detection for up to 10 people.
The Apple iPhone 5 also comes with an upgraded front-facing camera, which now supports 720p video recording.
Apple says that it has bundled an additional speaker in the iPhone 5, bringing the grand total to three. The device will also come with a noise-canceling earpiece to improve call quality.
According to the company, the 30-pin connector is now being replaced by an all-digital connector, called Lightning. The connector is 80 percent smaller than the 30-pin connector and according to Apple, will deliver "improved durability" and be "easier to use."
Apple's Schiller also unveiled a new adapter that will allow the iPhone 5 to connect to standard, 30-pin ports
The device will offer the same storage options as its predecessor -- 16GB, 32GB, and 64GB -- and come with identical pricing of $199 to $399, depending on storage needs.
Apple plans to open pre-orders for the iPhone 5 on September 14. The device will hit shelves on September 21.