Apple's (AAPL) iPhone Update Fails To Live Up to the Hype

Apple's (Nasdaq: AAPL) much-anticipated "Let's talk iPhone" event failed to live up to the hype, as the company released an updated iPhone 4 model, named the iPhone 4S, instead of releasing the iPhone 5.

While there will be no new hardware from the king-of-smartphones, there were a host of software and other updates. Below is a run-down:

• Dual-core A5 chip "for blazing fast performance and stunning graphics."
  
• New camera with 8 megapixel sensor has 60 percent more pixels
  
• full 1080p HD resolution video recording;
  
• Siri™, an intelligent assistant that helps you get things done just by asking.
  
• iOS 5, with over 200 new features
  
• iCloud, a free cloud services that work with your iPhone, iPad®, iPod touch®, Mac® or PC to automatically and wirelessly store your content in iCloud and push it to all your devices.

The IPhone 4S comes in either black or white and will be available in the US for a suggested retail price of $199 (US) for the 16GB model and $299 (US) for the 32GB model and $399 (US) for the new 64GB model.

iPhone 4S will be available from the Apple Online Store, Apple's retail stores and through AT&T (NYSE: T), Sprint (NYSE: S), Verizon Wireless (NYSE: VZ) and select Apple Authorized Resellers starting on Friday, October 14 with pre-orders starting Friday, October 7.

Shares of Apple are down over 5 percent to $355.44 following the news.

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