"After the Samsung trial, Apple has addressed the two things that people love about Samsung phones ... they have larger screens and LTE," said Moorhead. "Well, look, Apple just rolled out a larger display and LTE."

Powering the iPhone 5 is a larger battery that Apple rated at 8 hours of both talk time and browsing over 3G, as well as 8 hours of browsing using LTE. The talk time number is identical to the 4S, but 33% more on 3G browsing. Apple claimed the iPhone 5 runs 225 hours in standby mode, 12.5% longer than the iPhone 4S.

A new connector -- smaller by 80% -- replaces the 30-pin port that the iPhone has relied on for the last five years. Schiller dubbed it "Lightning," a play on its "Thunderbolt" display and storage connector brand available in newer Macs.

During today's event, Scott Forstall, Apple's head of iOS development, demonstrated several new features of iOS 6, the mobile operating system that powers the iPhone 5.

Apple's own mapping technology takes a bow in iOS 6, and for the first time, includes turn-by-turn directions, said Forestall. Other improvements he cited ranged from a full-screen mode in Safari that takes advantage of the new 4-in. display, photo streaming to other iOS devices, and Passbook, the company's ticket and boarding pass manager.