Apple has just announced the iPhone 5. The new device comes in at 122 grams, 20% lighter than the iPhone 4S. It spots a new 4 inch screen with a 1136 x 640 resolution. It comes with a new iSight camera that is 25% smaller and features a new panorama mode. The phone ships on September 21st with the following prices. iPhone 5: 16GB for $199, 32GB for $299, $399 for 64GB for a 2-year contract.