, of course, will offer live coverage right here, with senior editor Dan Moren and editorial director Jason Snell both reporting directly from the Yerba Buena Center for the Arts Theater, beginning shortly before the event itself kicks off at 10 a.m. Pacific/1 p.m. Eastern.

Apple's invitation didn't leave much to the imagination; the five in shadow--not to mention the calendar--makes it clear that Apple CEO Tim Cook and friends will unveil the eagerly anticipated iPhone 5 at the event. , we think it's likely that the new iPhone will sport a 4-inch screen, LTE support, and the long-rumored smaller dock connector port.

If past is prologue, Wednesday's event will also include some updates on iOS 6, including a release date. , and we assume it will get released to the masses in advance of the iPhone 5's actual launch; our prediction is that Apple will release both before September concludes.

Ross Rubin, principal analyst for Reticle Research, told that despite the iPhone's dominance, Apple "must continue to advance the product, not only to stay ahead of competitors, but to offer existing users a compelling reason to upgrade, and to provide at least some incentive for carriers to favor the iPhone versus other handsets."

Regarding that new dock connector, Rubin speculated that it "could take advantage of USB 3.0, which Apple has begun supporting in Macs and which is picking up momentum among PC vendors."