The new iPhone 5 is larger and full of upgrades. Here's a video report of the iPhone 5 launch.

Apple’s Phil Schiller presented the iPhone 5 (reviewed here) on Wednesday to loud cheers and whoops from the audience.

"Here it is!"

Apple's iPhone 5 has a larger screen than previous phones, at 4 inches rather than 3.5.--- which allows Apple to add an extra row of application icons on each page. For now though, existing apps will have a black border around them to fill the space.

Despite the bigger screen, Apple said its new phone is its thinnest AND lightest. It weighs 22 grams -- 20 percent lighter than the iPhone 4S -- and is18 percent thinner.

The iPhone 5 gets a new chip, the A6, which Apple says will double the speed of both CPU and graphics operations. The phone also supports high-speed LTE wireless networks.

It comes in black or white and the prices are the same as for the 4S -- US$199 for 16GB, $299 for 32GB, and $399 for 64GB, along with a 2-year carrier contract. The new phone can be ordered beginning Friday and will begin shipping a week later.

Beside the iPhone news, Apple also showed off updated ipod devices. The nano will have a built-in pedometer. The foo fighters closed the event.