The iPhone 5 is "an absolute jewel... the most beautiful product we have ever made, bar none." That's Apple SVP Phil Schiller, naturally a big fan of what his company is putting out this month.

Apple held an iPhone 5 press conference this morning, and during it they revealed many tantalizing details about the next iPhone and the future of the mobile side of the company.

Let's get the big news out of the way first: The iPhone 5 will hit retail in black and white models on September 21st, and pre-orders will begin this Friday, the 14th. You can buy a 16GB model for $199, a 32GB model for $299, and a 64GB model for $399, as long as you're doing so under contract. If you are buying outside of contract, those costs will naturally increase by several hundred dollars, although the exact amount was not specified. Apple wanted to keep things looking sleek and appealing, after all, not take-out-a-second-mortage expensive.

If you're looking for something a little cheaper, you'll be pleased to note that the iPhone 4 is now available for free on contract, and a paltry $99 without a contract. The 4 model is a fine phone, but lacking in the powerful new iOS 5 operating system and with its share of antenna problems. 

The new iPhone will be the world's thinnest smartphone, weighing in at a paltry 112 grams. This makes it a full 20% lighter than the 4S model. The iPhone 5 will contain a 326ppi Retina display at four inches with 1136x640 resolution, making it just a little taller than the 4S. 

The guts of the iPhone are looking promising thus far. It's powered by an A6 chip and a CPU running at twice the speed and graphical capability of its predecessor. Ironaically enough, iOS 6 was shown running on the phone, making the 5 the first phone to run 6. 

Obviously, this added power will greatly enhance gaming on the system. EA's Rob Murray took to the stage to show off Real Racing 3, a beautiful racer with "time-shifted multiplayer," a new feature that allows players to race against each other's ghost cars.