Apple has finally announced its new smartphone offerings and many people are already looking at how different are the two new iPhones from the rest of the pack.

Tim Cook, Apple CEO, commenced the keynote event yesterday at Apple's Cupertino, Ca. headquarters with the usual - the tech giant's achievements so far. However, everybody in attendance were only eager to hear what Apple Senior Vice President of Worldwide Marketing Phil Schiller had to talk about - the newest iPhones.

Apple presented the new iPhone 5C, otherwise known as the budget iPhone; and the iPhone 5S, the successor to the current iPhone 5. Most tech geeks and Apple fans may already be acquainted with the 5C and its colorful variants, but there's still a lot of buzz surrounding the 5S. Apple boasts that the new phone is its most powerful to date. So what exactly does the iPhone 5S have to offer? We take a closer look.

Features

"The most forward-thinking phone we've ever created, perhaps that anyone has ever made. Packed with incredible technologies in service of using these in the way we want to," Schiller, introducing iPhone 5S, noted at the keynote event yesterday, reports The Guardian.

Schiller may be talking about the A7 chip packed in the new smartphone, making it ultra-fast - two times faster than the A6 chip. This processor also allows the phone to feature a 64-bit resolution which is the first in the world. "That's desktop-class architecture in a superslim phone," Apple.com describes.

"The first-ever in a phone of any kind...the PC world took years to go from 32 bit to 64 bit. We're going to do it in one day, with hardware, and all-new applications," Schiller noted.

The new M7 coprocessor also helps the A7 make the phone work faster. The M7 is designed to "specifically to measure motion data from the accelerometer, gyroscope, and compass - a task that would normally fall to the A7 chip," explains Apple on its site. This feature works best for fitness apps.

The phone also comes with an updated 8-megapixel iSight camera which features new capabilities, including larger sensors and pixels, a white and an amber LED flash, continuous burst mode which snaps 10 photos per second, auto image stabilization and slow-motion 720p video among others.

The phone will also come pre-installed with the new iOS 7 that features cleaner, simpler icons.

Design

The new phone follows the iPhone 5's sleek, light weight design and weighs at only 7.6 millimeters and 112 grams. The Touch ID is also made from laser-cut sapphire crystal with a stainless steel ring surrounding the button, reports Apple.

One of the most notable new features of the 5S is the added color options. From the past black and white colors of the iPhones, the new phone comes in three colors: silver, space gray and gold.

Price

The iPhone 5S will be released on AT&T, Sprint, T-Mobile and Verizon, notes Apple. The 16GB phone will retail for $199 with a two-year contract, 32GB for $299 with contract and the 64GB will go for $399 with contract.

The iPhone 5S will be released to the market starting Sept. 20.

Watch the full Apple Keynote last Sept. 10 below: