Apple unveiled the iPhone 5 (yup - that's what they're calling it) last night, with much pomp and ceremony. You may have noticed us idly tweeting during the event. But, when it all comes down to it, is there really anything to get really, really excited about? All the rumours were pretty much true, and instead of a game changing product, we've been once again left with a phone that's "a bit like the last one, but better." Is this good enough? Were people disappointed? Does it really matter in the long run? No.

People are always going to buy Apple products, in spite of what the nay sayers say - and while there seems to be more and more of them every year, the company are still posting record sales with every update (7 million people downloaded the Mountain Lion upgrade), be it software or otherwise.

So, now for the important part - let's look at the iPhone 5's specs:

The screen's bigger, boasting 4 inch widescreen (making it much closer to the traditional 16:9 aspect ratio movie display) and the phone itself is 26g lighter, as well as being thinner, at 7.6mm. It also has an aluminium back, so hopefully it'll be a bit sturdier than its last two predecessors.

Retina display, already a staple in the new MacBook Pros and iPads, has made its way to the iPhone, giving users a resolution of 640px x 1136px. Coupled with the larger screen, it's going to make your games and apps look amazing - however, there is a catch. Older apps that don't support the larger screen size or resolution won't look as sharp, and will in some cases be displayed in letterbox format. But that's not all bad - they could have opted to stretch the visuals, which would have looked atrocious. We're all used to black bars on our TVs, so it won't be too much of a bother getting used to it on our phones.

The CPU has been upgraded to the A6, which will run almost twice as fast as the iPhone 4S, and the RAM is now 1.0GB as opposed to 0.5GB. Apple are also claiming to have improved battery life, but instead of regurgitating figures given to us by the company, we'll wait to pass our own judgement on that. Apple's claims in the past have been a little, how can we say this nicely - ambitious.

The phone is capable of 4G, but it's still debatable whether it's going to be available in the UK. Orange and T-Mobile are said to be in the process of setting up a shared LTE network (under the name Everything Everywhere), but there's been some controversy with other service providers as to whether they're legally allowed to do so. It would essentially knock O2 and Vodafone, among other networks, out of the iPhone game completely.

Both cameras have been updated - they now boast a dynamic low light mode, and the A6 processor reduces noise in most images, and provides better colour matching. Users will also be able to take panoramic photos, with enhanced image stabilisation, and there's even a new feature that allows you to share your photostream with friends and family. So, make sure you delete any incriminating pics from your feed. The front facing camera has been upgraded to 720p, so you can now use Face Time in HD which, while nice, isn't really much to get excited about. Maybe just make sure you've exfoliated before going on cam?

The iPhone now has three mics to improve noise cancellation, and something Apple have called "Wideband Audio," which is pretty self explanatory. The mics pick up a wider frequency, so better audio quality. Can't wait to test it out, as traditionally the iPhone can be a bit of a pig when it comes to making phone calls.

The new connector is called Lightning (because. . . well, Thunderbolt. They're going for a theme), and it's reversible - so no matter which way you try and plug it in to your iPhone, it will still fit. Take THAT USB! It is a little on the bulky side, despite being narrow. Almost like having a memory stick stuck out the bottom of your phone. We're sure that'll slim down at some point, much like the original iPhone charging connector did. Luckily, those of us with a ton of third party hardware for their current iPhone can sleep soundly knowing that there are plans to create adapters for the new iPhones to be able to dock properly. So, don't throw away your Bose Zeppelin quite yet.

As predicted, iOS6 will not be using Google in any of their first party Apps, and have instead replaced them with a new service simply called "Maps" which provides detailed 3D street views and turn by turn navigation. Not too shabby. There are also quite a few other tweaks that have been made to the operating system, but we'd prefer to wait for a hands on test before going into too much detail.

Last, and probably least, Siri has been improved. Does anyone actually use Siri? Besides Zooey Deschanel (and that doesn't count as she was clearly paid to use it)? Please let us know in the comments. We'd love to hear from you.

So, that's the iPhone 5. There's probably loads we've missed out, but we're still quite keen to get our hands on one to give it a proper test. It hasn't really blown us away, but it's still an improvement on their previous model. There's also news of a new version of iTunes that's set for launch in late October, and (if anyone cares) a new range of iPod Nanos and iPod Touchs will be available too. No news on a new iPad as of yet, but watch this space.