It was expected (indeed, people expected it a year ago, and again in June at WWDC) but now it's official! The iPhone 5 was announced moments ago and it looks to be worth the wait.
So what's new? For starters, it has a taller screen, allowing for another row of apps, or widescreen movies in landscape. The 4" screen offers 1136x640 resolution and retains the Retina display moniker with 326ppi.