It was a big day for Apple fans yesterday as they finally confirmed that the iPhone 5 exists and coming sooner than you think. In traditional Apple fashion, the new phone comes out on September 21, but pre-orders start on the 14th. Those who want to get it on launch day better keep that pre-order date in mind because it will sell out fast as Apple products tend to go on their first month of release. For anyone that is considering an upgrade from an existing iPhone such as the 4 or the 4S, does the 5 have enough new improvements to make your decision easier? Let’s check out what is new below.

As you see on the screenshot above, the iPhone 5 has a larger screen of four inches that now has five rows to put apps in. In addition to the larger screen, it is 20% lighter and 18% thinner. Another noteworthy addition to this new phone is LTE support, which was in the iPad before, but now on a iPhone for the first time. It also an A6 chip for better CPU and graphics performance, which is big news for those who like to play better looking games on your phone. The battery life is a minimum of three hours on both 3G and LTE if you’re browsing or talking to others. Improvements have also been made to the camera and microphones too.

With some of the features mentioned, how much does the new iPhone 5 cost? The cheapest model is 16GB for $200. Then there is the 32GB model for $300. Lastly, there is the 64GB model for $400. These prices make sense, but Apple lowered prices of older iPhones. The 4S for example is as low as $100, which is great deal if you’re not ready to spend more on a 5. The new iPhone 5 will come in with iOS 6, which is out next week for existing Apple devices. It is also use a new connector called Lightning, but a separate adapter for 30-pin connectors will come out as well. For more on the iPhone 5, Apple’s official site for it went up explaining more of its new features. Are Apple fans happy and excited to upgrade to the new iPhone 5? Let us know on the comments below.