FINALLY!!! It's here! Today Apple held its Press Conference for a new line of products. The biggest announcement of course was the release of the iPhone 5!  Get all the info below!

Larger Screen - another row of apps! - 4-inch screen, 5 rows of apps instead of 4, 326ppi Retina display (1136x640 resolution) - 44% better color saturation
Ultrafast wireless (802.11n at up to 150Mbps) and LTE (4G speed with a max of 100Mbps)
Partially metal back - glass an aluminum
Thinnest and lightest - 18% thinner (7.6mm), 20% lighter (112 grams)
iOS6
"it's the most beautiful product we have ever made, bar none."
Available on Sprint, AT&T, and Verizon, all with 4G LTE
A6 chip runs it - fastest yet - 2x faster than iPhone 4S's A5 chip, also more energy-efficient
Battery life improved – 8 hours of talk or browsing time on 3G or LTE, 10 hours on WiFi
Same general camera specs as 4S but 40% faster, with better low-light performance for those club nights, lens cover is sapphire lens crystal to be more durable and clear, ability to take 28-megapixel panorama pictures. Takes better videos too, of course.  Front-facing camera improved, can do FaceTime over regular network and not just Wi-Fi now.
Improved microphones and noise cancelation for clearer calls
NEW CONNECTOR CALLED "LIGHTNING" (a play on Thunderbolt, their desktop connection system) – meaning your current accessories may not work with it. But it's 80% smaller.  Yay? However, there is an adaptor for that (which will probably cost you).
iOS6: New Maps application (no longer Google Maps)

It comes in white and black, of course
Same price as the 4S. $199 for 16GB. $299 for 32GB, $399 for 64GB.