Apple has finally launched its brand new iPhone – the iPhone 5. As expected, the iPhone 5 sports a larger 4-inch display and a new design which isn’t very alien to the previous iPhone 4 and iPhone 4S designs. In fact, almost all the previous iPhone 5 design leaks were spot on! The new iPhone 5, as per Apple, is faster, slimmer and even lighter than the iPhone 4S. In layman terms the iPhone 5 is a stretched-out version of the iPhone 4S.Of course, that’s not all. The iPhone 5 includes a number of enhancements. Not all of them made everyone jump off their seats but it’s a pretty decent upgrade. The iPhone 5 is powered by Apple’s A6 chip which promises significant improvement over performance and graphics. The camera on the iPhone 5 is suitable for low-light conditions and now includes an in-built panorama feature. It also has LTE now, finally. We’ll discuss each and every feature, one by one below.All New Design Really?Three magic words that basically make or break an iPhone launch event – “all new design”. I’ve been dying to hear them and expected Tim Cooks to walk up and show a middle finger to all those design leaks on the Internet. But no, it didn’t happen. Apple did come up with a new design for the iPhone 5 comprising of aluminum and glass but somehow it just doesn’t impress much.The new design on the iPhone 5 is 18% thinner, 20% lighter and holds 12% less volume than the iPhone 4S. Not that it’s not impressive but with Apple you always expect something magical. Nevertheless, it’s not easy to make a slightly bigger phone with these specs. The aluminum body looks precisely crafted and I’m eager to hold it in my hands. The iPhone 5 weighs about 112 grams. Apple is already calling it the world’s thinnest smartphone.4-inch Retina Display - Bigger, better, vibrant!Apple has pretty much always nailed it with the Retina Display. Be it first on the iPhone 4, then on the iPod Touch and then eventually carrying it forward with the iPhone 4S and the new iPad. The Retina Display is just amazing when you experience it. Apple claims that the 4-inch Retina Display on the iPhone 5 is even better.Apple seems to have made an attempt at making a big screen phone but the one that doesn’t feel odd in your hands. The width of the phone remains the same while it shoots up in height. At 326 pixels per inch, the display features a resolution of 1136×640 pixels. Apple is also boasting of 44% more color saturation so everything looks absolutely stunning. You can even watch widescreen videos without letterboxing.Powered by A6 Chip Better performance and battery lifeApple’s processors always pack a punch. With the A6 chip Apple is promising a “twice as fast” performance boost as compared to the A5 chip it previously embossed on the iPhone 4S. Even graphics shall see a 2x improvement.The iPhone 5 is expected to feature a much better battery life. Apple claims that the A6 processor’s power efficiency shall ensure the phone has enough juice to let you pass through the day for video chat apps. The iPhone 5 battery can last for 8 hours of browsing on a mobile connection, 10 hours of video playback and up to 8 hours of talk time. Yes, it all sounds perfect.iSight Camera Native panoramas are hereSpecs wise the iSight Camera on the iPhone 5 doesn’t blow your mind. It’s almost the exact same one as on the iPhone 4S, obviously with a few enhancements. The new camera on the iPhone 5 lets you shoot panorama shots up to 240 degrees with a maximum resolution of about 28 mega pixels. The 8MP iSight camera includes a dynamic low-light mode that lets you shoot great photos in the dark. It’ll be interesting to compare it with the PureView camera.The iSight camera on iPhone 5 can take photos up to 40% faster than the iPhone 4S. Apple also showed some ‘untouched’ sample photos shot from the iPhone 5 camera and they sure looked good. The camera also includes enhanced HD recording with advanced video stabilization and face detection. Overall, I think it’s only fair to try out the camera first before jumping to conclusions based on just the specifications.New Lightning ConnectorApple has done away with the old 30-pin dock finally. The new smaller connector is called the Lightning connector. The all-digital connector is believed to be more durable and smarter. An interesting point worth mentioning here is that the Lightning connector is reversible. So now you don’t need to worry about sides, just insert the Lightning connector any way you like.