Apple press event puts rumors, consumers anxieties to rest

Stop the presses and halt the rumor mill; Apple finally gave us a glimpse at the next-generation of its iPhone. Following months of rampant speculation and myriad insider leaks, Apple announced that its next device will not carry the number 5 but will instead be called the iPhone 4S.

New chief executive officer Tim Cook took to the stage at the company's Cupertino, California, headquarters with other Apple officials to debut the new device. As expected, news concerning the newest version of the iOS mobile operating system was also announced, along with long-awaited updates concerning the iCloud cloud computing service, the first of its kind from Apple.

It had been thought that Apple was shifting to a two-device model, with the iPhone 4S joining the iPhone 5 as a lower-end version of the popular smartphone, but it's now known that won't be the case. As it did with the iPhone 3G and iPhone 3GS, Apple chose to simply alter the name.

However, that doesn't mean the iPhone 4S is the same as its predecessor, which debuted more than a year ago.

Among the most significant upgrades is the inclusion of the A5 processing chip, which is also contained in the iPad 2. According to the company, the new chip will make the iPhone 4S two times faster than the previous device. Dual-core graphics will also be seven times faster than before, the company said.

It also features upgraded voice commands and controls. With Siri, the iPhone 4S' voice assistant, the user can now control just about anything on the device, including calendars, voice calls and music, among many others. Siri also brings built-in voice dictation to the iPhone.

But the smartphone wasn't the only thing on display at the event.

Users of iOS devices - the iPhone, iPad and iPod Touch - can download the new operating system for free. iOS 5 features tighter integration with Twitter, gives the user access to the camera from the lock screen and allows for photos to be edited right on the device. The OS will bring tabbed browsing to the iPad.

iCloud will also be a completely free service for users to store a multitude of data in the cloud, including files, music, video and photos.

Though the event lived up to its billing by introducing a new iPhone, some experts and consumers reacted negatively that it wasn't the anticipated iPhone 5. USA Today reported that Apple's stock fell nearly $18 per share following the event.