iPhone 5: Apple unveils its latest wonder, but it's less than a revolution

Another fall, another iPhone, another sigh from techies.

Apple released the latest iteration of its much-rumored smartphone Wednesday, and the buzz on the web was that the iPhone 5 felt more like a small step than a leap. Though, the disappointment could be rooted in the impossibly high expectations and the fact that most of the details leaked to tech blogs.

"iPhone 5 sounds like the kind of nice incremental upgrade that other companies release," wrote The Atlantic's tech blogger Alexis Madrigal.

Added Matthew Keys of Reuters: "Short recap of the iPhone 5: Everything you read on the Internet months ago was true."

Still, the phone is being hailed as undoubtedly the best iPhone yet, and is expected to help maintain the line's reputation as one of the best smartphones on the market.

On the iPhone 5 -- which will go on sale next week -- the screen is bumped up a half inch to 4 inches, the processor is twice as fast as the iPhone 4S and battery life has improved. It also runs on LTE carrier networks, which can reach data speeds that rival cable and DSL modems. It's thinner and lighter than ever, and its camera got a hefty upgrade.

One caveat for iPhone accessory users, however: the new phone ditches the traditional 30-pin connector that Apple has used for eight years for a much-smaller Lightning connection. (Adapters are available for $30).

Apple also unveiled updates to its entire iPod line, including new iPod touches, which match nearly every feature of the iPhone 5 (save the cellular connection). A new version of iTunes was also previewed, which will be released in October.

Here's what you need to know about the new phone:

Price: $199 for 16GB, $299 for 32GB, $399 for 64GB (all with two-year a contract)

Release date: Pre-order starts Thursday, goes on sale Sept. 21

Cellular networks: AT&T, Verizon and Sprint

Battery life: Up to 8 hours talk time and LTE web browsing

Screen: 4 inches

Size: 4.87 inches tall; 2.31 inches wide; 0.29 inches thick

Weight: 3.95 ounces, nearly 25% lighter than iPhone 4S