As expected, Apple today unveiled its next-generation iPhone, called the iPhone 4S. Apple CEO Tim Cook made the announcement moments ago at today’s iPhone event in Cupertino, California. The iPhone 4S replaces the iPhone 4, which first went into production in June 2010. This model now becomes Apple’s less expensive handset.

Looking very much like the existing model, the new iPhone 4S smartphone includes an A5 chip and an 8-magapixel camera. In addition, for the very first time, a 64GB version is also available.