UPDATE: Apple just wrapped up its press conference announcing the upgraded iPhone. Better hardware, new operating system, and available on Sprint as well as AT&T and Verizon — but not the revolutionary iPhone 5 that some predicted. Available Oct. 14, wireless subscribers will be able to score a 64 gig version of the iPhone 4S for $399, a 32 GB model for $299, and 16 GB for $199. But the price for the 8 GB iPhone 4 has been cut to $99 while the 3GS is free. The 4S will look a lot like previous iPhones but will have a dual core processor that handles graphics about seven times faster — good news for gamers. It will be a world phone, capable of handling wireless calls transmitted via GSM or CDMA technologies. The camera has been upgraded: 8 megapixels with more sensitive light processing and face detection. The company also talked up the speed; just a half-second lag between shots. It will handle 1080p high-definition video with image stabilization. Apple’s also excited about a new feature called Siri: It will answer verbal inquiries about, say, the weather, stock prices, and restaurant reviews — and handle tasks such as making appointments in your calendar. As expected, the company said that it will launch its iCloud service on Oct. 12. No talk about Facebook integration. Investors apparently expected more: The value of Apple shares declined during the presentation and are down about 4.7% about an hour before the end of the trading day.

PREVIOUS 2:10 AM: Super-secretive Apple e-mailed “Let’s Talk iPhone” invitations to a 10 AM PT media event at its headquarters in Cupertino this morning. But it’s the first major product unveiling that won’t be introduced by Steve Jobs. Instead, his successor Tim Cook is expected to present what may be the iPhone 5 and/or the iPhone 4S and/or Apple’s latest iOS mobile software — iOS 5. According to The AP, the latest iPhone will include wireless device setup and content syncing, a better 8-megapixel camera, as well as email and Web-browsing apps. But the new smartphone isn’t expected to look much different from the iPhone 4, though it could be thinner and have a bigger screen. Deadline’s sibling site BGR.com says some industry watchers had hoped for a brand new teardrop-shaped iPhone 5 with larger display, insanely thin design, and more. Now it’s looking like Apple might be set to introduce an upgraded iPhone 4 instead. Bummer, right? Not if Apple’s iPhone 4S is a pretty substantial bump as opposed to just an incremental update, as many are speculating. Some even think Apple is set to unveil about a dozen various iPhone models this week, ranging from a modest update on the cheap to a teardrop-shaped overhaul that will feature a 4-inch display and a unibody aluminum design.

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