Moments ago at today’s Keynote address Phil Schiller announced the iPhone 5. As it turns out the rumors were correct. The phone features a longer, widescreen 4-inch display. With the same 326 PPI display at a resolution of 1136 by 640. The phone’s thinner and lighter, as expected. At 7.6mm and 112 grams in mass its 18% thinner and 20% lighter than the iPhone 4S.

iPhone 5 Officially Announced: 4-Inch Display, A6 Processor, 4G LTE

There we have it folks, the iPhone 5 is real.

The extra space allows for another row of icons on the display, events below the Calendar, and more space while using apps. As expected the iPhone 5 will letterbox apps that haven’t been updated, but apparently apps are easy to patch. The real benefit of the 16:9 resolution screen is for HD video. When the iPhone was first released, high quality video streaming wasn’t commonplace, but with Netflix and high resolution displays the push for a 16:9 screen might make more sense.

Much to Samsung’s chagrin, The phone supports LTE in addition to DC-HSDPA and HSPA+. Samsung previously claimed it would sue Apple if it released an iPhone with LTE technology. The iPhone also is enabled with 802.11n WiFi in both the 2.4 and 5GH spectrum, for speeds of up to 150 Mbps

And what’s powering the whole show? An A6 processor, likely built by Samsung. It’s supposedly twice as fast s the A5 chip across the board, but we’ll only know for sure once we’ve got our hands on a device for benchmarks.

iPhone 5 Officially Announced: 4-Inch Display, A6 Processor, 4G LTE

I’m liking the reflection and lighting effects, but there’s not a lot of other details on screen.

However if you want a peek at the iPhone 5′s performance, Rob Murray’s demo of Real Racing 3 is supposedly running with “full console quality” on the new device, including rear mirror view.

What about the battery life? Schiller reassures that it’s better than the iPhone 4S. The iPhone 5 is estimated to offer 8 hours 3G talk time, 3G browsing, or browsing with LTE, 10 for WiFi browsing, 10 for video playback, 40 hours for music, and 225 for standby (just not all at once ;) ). As for the camera, it’s been bumped up to 8 megapixels.

iPhone 5 Officially Announced: 4-Inch Display, A6 Processor, 4G LTE

Coverage via liveblogs of Apple’s conference from The Verge and Engadget. Does the iPhone 5 impress you so far? Share your thoughts and stay tuned for more coverage on iJailbreak.

Update #1: A new 9-pin lightening dock will be featured in the iPhone 5 that will replace the old 30-pin dock connector.

Update #2: The pricing for the iPhone 5 and pre-order/release date have just been announced.