As expected, Apple unveiled the much-anticipated iPhone 5 today in one of its traditional press events. The upgraded edition of the massively popular mobile device will be released next Friday, September 21. The iPhone 5 has a larger screen size, up to 4 inches from 3.7, while also thinner and lighter than previous models. It has a faster processor, upgraded camera and runs on wireless 4G LTE networks

Apple also announced an upgraded iTunes, as well as new iPods. A redesigned iTunes store is launching, with a new look optimized for the iPhone and iPad. The redesigned iTunes software puts album covers more front-and-center, with new options for playlist creation, as well as the ability to see what is "up next" in a playlist. The iTunes player can also be minimized into a smaller version on your desktop.

The seventh generation iPod Nano was unveiled, featuring a large display screen yet remaining 40 percent thinner than the last version. The new Nano includes an FM tuner with the ability to pause live broadcasts. A new iPod Touch also debuted, with a longer screen. Touted as the thinnest and lightest yet, the fifth generation iPod Touch also has a faster processor, a higher-caliber camera and the popular voice-command "Siri" software. The new iPods will be released in October.

Apple also showed off its redesigned headphone earbuds, which will come with its new devices. The new iPhone and iPods also use a reworked connector, a smaller version nicknamed "Lightning." The new iPhone 5 runs on the previously-announced iOS 6 software upgrade.

The event ended with a surprise, three song acoustic performance from Foo Fighters.