7 things you need to know about Apple's iPhone 5 announcement

At last! After months of waiting (and waiting), the new version of the best-selling handset is here — with a slimmer profile and a larger 4-inch screen

Apple CEO Tim Cook unveils the iPhone 5, which is smaller, lighter, and faster than its predecessor.
(Image credit: REUTERS/Beck Diefenbach)

On Thursday in San Francisco, CEO Tim Cook and a rotating cast of Apple executives raised the curtains on the latest addition to the i-family, the long-awaited iPhone 5. The phone boasts a number of the incremental hardware bumps the tech press had forecast during months of rumors and leaks. Does the new iPhone live up to the hype? Here, seven things you need to know:

1. Almost everything shrank

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