'iPhone 5' Release: Is it Worth the Wait?

A wave of disappointment spread among Apple phone fans on Tuesday, who for months have waited for iPhone 5 but instead were presented with an iPhone 4S.

At the Let's Talk iPhone event, Apple's new CEO, Tim Cook, unveiled a phone that looked identical to the iPhone 4 but came with these bonus features:

The A5 Chip: The new iPhone may have the same retina screen but the interior has had an entire revamp with the latest A5 chip making its way into the phone.

It's Fast: With a Dual-core CPU the new iPhone is 2x as fast at CPU tasks and up to 7x faster than the previous iPhone, which is a great perk for games. Data can also be downloaded twice as fast as before. Theoretical max performance used to be 5.8 up and 7.2 down - now doubles to almost 14.4Mbps down.

Second Wireless System: The new iPhone can now intelligently switch between two antennas between send and receive to produce even higher calling quality. This has never been done in a phone before.

Brand New Camera: As predicted the iPhone 4S comes with an 8 megapixel sensor that gets 73% more light than the iPhone 4 sensor, and is 1/3rd faster. A high-end IR filter has also been fitted for greater accuracy and uniformity.

New Lens: The brand new camera lens has five elements and goes down to a wide f2.4 aperture

Apple designed ISP: The ISP enables face detection in photos and lets in a lot more light while shooting.

HD Video: The new iPhone 4S camera comes with stunning HD video with 1080p real-time video image stabilization.

Intelligent Assistant: With the new iPhone you can actually talk to your device through an integrated intelligent assistant who gets things done just by asking. Eg. What is the weather like? Where is this restaurant? Your device gives you all the answers you are looking for. Compose and dictate email right to your device. Set timers. Look up contacts, create notes, and search the Web.

More Languages: The intelligent assistant will have built-in with support for English, French, and German. More languages will be added over time.

It's out: iPhone 4S will be available in Black and white, 16GB for $199, 32GB for $299, and 64GB for $399. 64GB is the first time in an iPhone.

Still for many this was not enough, and those who had planned to upgrade from the 4 to the 5 started to have second thoughts. It's exactly the same who needs a Siri agent to talk to, I want a funky new design, tweeted tech junkie Adam Burns. How are people gonna know if I have the 4 or 4S- they are the same, another iPhone fan Lisa Bradley tweeted.

Although the iPhone 4S is just a week away from being released in stores, rumor mills continue to turn suggesting that the 5 could come out as early as January 2012, which has left consumers even more confused.

Here are some of the features still expected from the 5:

A Larger Screen: A bigger screen is definitely expected to compete with the Droid Bionic. People have complained that the keys are too small for fast and accurate typing, which has led to reports that the iPhone 5's screen will extend to the width of the case. . Some reliable reports have suggested the screen will be qHD in 960x540 pixels -- likely with a 4-inch or 4.3-inch screen. The iPhone 4S will be the same size as the current iPhone 4, with a 3.5-inch screen.

New Design: While there are no leaked images of what the new phone will look like, it is expected that it will be super slim and light. People who have switched to phones like the Samsung Galaxy have complained that the iPhone case is too clunky, so a lighter case is thought to be in the pipeline for the phone's next generation.

Faster Internet Connection: The new iPhone 5 is expected to reach internet speeds of up to 3X higher that the 3G, using a hyper-speed HSPA+ 21 Mbps modem, allowing the phone to be able to download in 4G speeds.

Metal Casing: A metal case is expected to frame the Iphone 5 in order to make it more sturdy and safe. Many have complained that you can't really use the iPhone 4 safely without investing in an external case.