The iPhone will cost the same as the iPhone 4S did when it debuted, starting at $199 with a two-year contract in the U.S. Meanwhile, the price for the iPhone 4S will drop to $99 for new contract signers and the iPhone 4 will be free.
In the U.S., advance orders will start this Friday.
With the new model, Apple is ditching the connection port it's used for iPods, iPhones and iPads for nearly a decade in favor of a smaller, narrower one. That means Apple is still the holdout in an industry where other manufacturers have settled on a standard connector for charging and computer backups.
There will be adapters available so that the new phone will be able to connect to sound docks and other accessories designed for the old phones.
The camera on the back of the iPhone 5 has the same resolution as the one on the iPhone 4S, but takes pictures faster and works better in low light, Apple said.
The front-facing camera is getting an upgrade to high-definition, letting users take advantage of the faster data networks for videoconferencing.
The iPhone 5 will arrive with a new version of Apple's operating system, iOS. It will be available for download to older phones next Wednesday.
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