Finally, we can let go of our breaths now. The iPhone 5 has officially been unveiled at Apple's keynote presentation today at the Yerba Buena Center. Before you join the millions of anticipating customers waiting to preorder the latest and greatest, let us do you a favor and shed some light on what occurred within those walls.

If you have been following the rumors that were being steadily leaked since a couple of months ago, then you already have the official iPhone 5 in your head. Macrumors and 9to5mac have done an extremely accurate job at releases these rumors and it turns out, just about everything has come true. Apple's flagship device comes in a stunning aluminum and glass body that they allows the iPhone 5 to shed 20% of the old iPhone's weight, appearing 18% more sexy than before. Featuring the long awaited 4" Retina display that boasts 1136 x 640 pixels, it retains its original width that we find on the iPhone 4/S but with an increase in height.

The traditional 30-pin dock connector has also been replaced. In place of it is now a much smaller 9-pin connector that Apple calls the Lightning connector. This much smaller connector leaves more room for other important additions such as larger speakers that Apple has been known to lack. Don't worry, you don't have to repurchase all of the dock accessories you've ever purchased. Apple is selling a lighning connector to 30-pin connector along with the iPhone.

To our dismay, Apple has chosen to stick with the same old 8 megapixel rear facing camera but with a thinner sensor and a sapphire crystal lens cover. However, some new features you'll find on the iPhone 5 are the built-in panorama capability and improved photo capture speeds as well as low-light performance. As for on-the-go video production, the iPhone 5 is capable of 1080p HD video. The front-facing camera has gotten a boost too. Capable of 720p HD video, the FaceTime HD Camera is what they're calling it, can send clear and crisp FaceTime or Skype videos on 3G/LTE or Wi-Fi. Keep in mind that if you're on AT&T and without a Mobile Share plan, you're stuck on Wi-Fi only.

Now that you're done drooling over the exterior, we're ready to take you through an inside tour. As expected and long overdue, the iPhone 5 will come with 4G LTE capabilities on the three major US carriers (AT&T, Verizon, Sprint), and will also be compatible with other carriers around the world. As for Wi-Fi, the iPhone 5 got a buff on that too.

A reason why Apple has been so behind on 4G availability to their iconic mobile device has been the huge hit on battery life. Now, not only has Apple solved that issue, they improved the battery life from the iPhone 4/S. The iPhone 5 is now capable of up to 8 hours of use on 3G or LTE, 10 hours on Wi-Fi, and a mighty 225 hours of standby time.

With speedy connectivity, Apple had to also include a speedy processor. Jumping to an A6 processor that is double what its predecessor was, the new processor will be able to handle the latest and most demanding apps available.

Call quality has not been a huge issue for the iPhone, but Apple has made it even better with one more microphone, racking it up to three in total. These microphones will be located in the front, the back, and the bottom for improved voice recognition for Siri and better noise cancellation.

Apple will have both the black and white versions available for preorder and he black version comes in a black anodized aluminum back while the white version is the raw silver/grey colored aluminum.

Now for the hit on your credit card. The iPhone 5 is priced at $199, $299, and $399 for the 16GB, 32GB, and 64GB models, respectively with a new two year contract. The iPhone 4S has been discounted to $99 and the iPhone 4 is free with a new two year contract. If for some reason, you were looking forward to the 3GS, you would have to look at 3rd party retailers.

Be ready to preorder on Friday, September 14th and expect to be rocking the iPhone 5 on September 21st.