What is the real release date of the iPhone 5S and iPhone 6? (Photo : Reuters)

Amidst New York Fashion Week, Apple gets in on all the style hoopla and releases the ultra sleek and slim frame iPhone 5.  The highly anticipated smartphone is causing quite a frenzy as Apple finally unveils the new handheld on Wednesday in San Francisco. Apple took the stage today at San Francisco's Yerba Buena Center for the Arts announcing what's expected to be its sixth-generation iPhone.

"It is the most beautiful product we have ever made, bar none," Apple's Senior VP of Marketing Phil Schiller said. Technology site Wired, live blogged what was going on during the grand debut. Below is a more condensed version of everything you need to know!

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What it's made of:  The new iPhone 5 is made entirely of glass and aluminum. "I don't think it's an exaggeration to say that the hardware and software engineering that has gone into this product is the most challenging our team has taken on," Schiller said.

Display: "This display is simply amazing," said Schiller. The iPhone 5 has fifth row of icons to the home screen - great for those extra social media widgets that the fashion folks love so much. The calendar shows more events (where was this during the beginning of fashion week?) and email shows more emails.

Size: Apple creates its slimmest and lightest smartphone yet: 7.6 mm thin, 18 percent thinner than the iPhone 4S. Its 112 grams, 20 percent lighter than the iPhone 4S. It has a 326 PPI Retina display. What didn't decrease in size, however, is the display screen.  The new iPhone screen is 4 inches (an upgrade from its current 3.5 inches).  "A phone should feel great in your hand," Schiller said.

Color Story:  Get ready for more radiant and vibrant pictures! The new display has 44 percent more color saturation than the iPhone 4S. "This is the most accurate display in the industry," Schiller said.

Downloading: The new smartphone can download up to 100 megabits per second. It can switch antenna connections between different networks when needed. "We've updated every aspect of iPhone 5," Schiller said. It features an A6 chip - it's two times faster at CPU and two times faster at graphics.

Battery Life: Gone are the days of a dead iPhone just as you were about to tweet about that delicious cookie (tragedy!). The iPhone 5 exceeds the battery life of the 4S too at 8 hours of 3G talk time, 8 hours of LTE or 3G browsing, or 10 hours of WiFi browsing, and 225 hours of standby time. That's a lot of Instagramming time.

Photo: Speaking of Instagram, photo-taking on the iPhone 5 will be a one-of-a-kind experience. A new shared photo streams feature allows you to share photos so friends can leave comments. There is also a new panorama mode - perfect for runway shows. The software even tells you what pace to sweep your phone at to capture beautiful scenery.

Passbook: Passbook is a brand new app which stores all passes and invitations one place. Movie passes, boarding passes, invitations, and all things of that nature get organized into one place. Once you've attended your event, you can take the ticket, delete it, and it gets virtually shredded.

Siri: Siri is a lot smarter and snarkier. Ask her about any good local movie theatres and she will first tell you that your question is too subjective and then provide you with a list of top-rated  theaters.  You can also book restaurant reservations with ease.  Find tables at restaurants for a specific time, and tap to reserve it. The tap will direct you to the OpenTable app to finalize your reservation (Siri does not finalize reservations...yet). Also, you can now relieve yourself from the strenuous duties of manually producing Facebook posts; Siri can do it for you.

When to buy: Pre-orders start Friday (September 14) and ships September 21 for 9 nations including the US, Canada, and the UK. By the end of the year, it is expected to be available in over 100 countries and 240 carriers - Apple's fastest phone rollout ever.

This new trendy gadget also promises 4G wireless technology. The new iPhone 5 is available at three price points ($199 for 16 Gb, $299 for 32 GB, $399 for 64 GB). If you don't want the latest smartphone but still want to join the Apple family, you can get the iPhone 4 8 GB for free or the 16 GB 4S for $99.