Apple announced the long-awaited iPhone 5 today. Here's how it improves on the iPhone 4S:

• It's 18 percent thinner and 20 percent lighter.
• The screen is four inches, allowing for an extra row of apps.
• It's reportedly twice as fast due to the new A6 microchip.
• It will support 4G-LTE, which the 4S doesn't.
• The camera will do better in low light, allow for panoramic shots and enable you to take photos while shooting videos.

One downside: The new charger/connector is much smaller, meaning the one you've been using with your old phones and iPods won't be compatible without an adapter.

Apple plans to start taking orders for the iPhone 5 on Friday. The 16-gigabite version will run $199 with a two-year contract. You'll also be able to buy a new 4S for just $99.