I want one.. Due out in America in June, so we can expect to see it sometime next year most probably.
Apparently going to be hugely expensive, so I can only assume that when it hits NZ it’ll be the same price as a deposit on a house!

Some of the coolest things you can’t even see on the iPhone, it’s inside.
Like the sensor that if you have turned the iPhone from portrait to landscape and adjusts the screen display to match. Or the sensor that disables and turns off the touch screen when you bring the iPhone up to your ear to receive a call. Or the light sensitivity sensor that adjusts the screen brightness as the ambient light changes around the iPhone.

Technical Specifications
Screen size: 3.5 inches
Screen resolution: 320 by 480 at 160 ppi
Input method: Multi-touch
Operating system: OS X
Storage: 4GB or 8GB
GSM: Quad-band (MHz: 850, 900, 1800, 1900)
Wireless data: Wi-Fi (802.11b/g) + EDGE + Bluetooth 2.0
Camera: 2.0 megapixels
Battery:

* Up to 5 hours Talk / Video / Browsing
* Up to 16 hours Audio playback

Dimensions: 4.5 x 2.4 x 0.46 inches / 115 x 61 x 11.6mm
Weight: 4.8 ounces / 135 grams

Shame about the small storage capacity, but I’m sure the advanced user interface, phone, camera and multi touch screen display will make up for it.

I really recommend watching the keynote address.
For more information visit Apple Inc.