Graeme Neill is deputy editor of Mobile magazine:
Many of the features of the iPhone 5 were known already so tonight's announcement was a bit lacking in surprises. The company has responded to consumer demand by increasing the screen size, improving the camera and making the battery last longer.
UK customers on Orange and T-Mobile will be able to use the phone on a next generation mobile network, when it launches later this year, which means they will be able to download video faster.
The phone is definitely a step forward for Apple but probably not the step change that many were hoping for.
However, Apple was in the same situation last year when it announced the iPhone 4S.
That was initially seen as slightly disappointing but Apple went on to have its biggest ever quarter for iPhone sales.
The new device looks like it will be priced quite competitively so Apple will hope it has a similar performance in the next few months of this year.
Apple's iPhone 5 will be the first handset in the UK to be compatible with Everything Everywhere's new 4G mobile internet network.
i-expectations are peaking, but what will the new Apple mobile actually deliver?