Update: Now that the dust has settled, we've taken a look at some of the important things that took place at the event. Namely, the unveiling of the iPhone 5S, the iPhone 5C, Apple's new M7 motion coprocessor, the Internet's reception of the iPhone 5C, how the iPhone 5C isn't as affordable as some hoped and what the iPhone 5S means for mobile gaming.

iPhone season is finally upon us. We are on the verge of seeing two new iPhones at an unprecedented Apple event in San Francisco. Not only will Apple be upgrading the current iPhone 5 to an iPhone 5S, but we are about to see the first official glimpse of the iPhone 5C, the long-rumoured budget iPhone.

Even for an iPhone event, the expectations are sky high and the rumour mills are abuzz with talk about a fingerprint sensor, enhanced Siri capabilities and of course, that gold colour option.

A colourful event in store

A colourful event in store

So what does Apple have in store for us? We have combed through months of rumours and speculation to give you an idea of what the iPhone 5S and the iPhone 5C will look like. As ever the final specs will be coming over the course of the next few hours. Will the iPhone 5C work? We have an idea or two about how Apple can make the iPhone 5C a super hit. And who knows we may very well get a surprise announcement in true Apple ‘One more thing’ fashion.

Besides getting the latest from this article, you can also track the live updates on Twitter by following #tech2live on our @tech2eets handle. Ask us questions and see them answered on the live blog. Send us your take on features that have been announced. And if you are not impressed with Cupertino’s latest, tell us why.

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10:15pm – Slide to unlock

And we are about to get underway at One Infinite Loop. What does Apple have in store for us today? We shall find out soon enough. 

10:20pm – Get tweeting

You can also join us on Twitter and get in on the conversation as the event is happening. Just follow @tech2eets or #tech2live for the latest updates. 

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Cook's on time (Image Credit: The Verge)

10:30pm – It's off

Tim Cook has taken stage and we are off to a very Apple-like punctual start. He welcomes the audience watching in Beijing, Tokyo and Berlin, where the event is being broadcasted live to a select audience. 

10:35pm – Appetisers

Cook is talking about the iTunes Festival. Standard publicity speak before the big unveil. 2 million people have applied for tickets to iTunes Festival. And it will also be streamed to 100 countries. A short video to explain the festival. And we are back to Cook. 

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iTunes Festival on all your Apple devices (Image credit: The Verge)

10:40pm – Market focus

Cook reveals some figures about Apple Store sales in the US. He's just announced a new store in Stanford, California. Looks oh so Apple with glass walls on three sides. Cook further says that next month Apple will sell its 700 millionth iOS device. 

10:45pm – iOS7 is here

Time to talk about iOS 7 and Craig Federighi is telling us how iOS will soon be the most popular operating system in the world. I think Android would have a thing or two to say about that, Craig. Nevertheless, he's running (literally) us through some of the newer features in iOS7. We've seen most of these at WWDC. Here's Siri searching tweets and then Federighi takes us through the camera features, including the new Moments view in the camera roll. 

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The new Siri (Image credit: The Verge)

10:50pm – Out on Sept 18th

Federighi takes time to talk about iTunes Radio. The “best way to listen to new music,” says Federighi. And then promptly shows us a picture of Daft Punk's 'Doin' it Right' playing on the clean interface.

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The iOS7 device list (Image Credit: The Verge)

iOS7 is out on September 18 and will be coming to iPhone 4 and later, iPad 2 and later, iPad mini, and iPod touch 5th generation.

10:50pm – iWork time

Cook talking about the whole suite of iWork apps. iWork will be free for iOS devices.That's great news for productivity junkies.

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 iWork will be free for iOS devices (Image Credit: Techcrunch)

10:55pm – The iPhone 5C is here

Straight from iWork, Cook dives into the iPhone 5C. As expected a slew of colours in store for us. “The entire back and sides are made from a single part,” says Cook. Apple has gone to great lengths to make colour a focus. There are colourful special soft touch cases that accentuate the body colour. 

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Colours galore! (Image credit: The Verge)

11pm – Specs are out

There's a new internal structure that also serves as an antenna. A 4-inch Retina display with a integrated touch layer. And it's got the same A6 processor as the iPhone 5. Sounds very good to us. The battery is larger than the 5 too, whereas the camera is the same 8-megapixel version as the current iPhone.

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Very good for a so-called cheaper iPhone (Image credit: The Verge)

11:05pm – More specs

There's a new Facetime HD camera for better video calls. It supports more LTE bands than any other smartphone in the world, says Apple. There's Dual-band Wi-Fi and Bluetooth 4.0 for top-of-the-line wireless connectivity. The initial line up will have Blue, White, Pink, Yellow, and Green models. 

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The back covers are quite unique (Image credit: Engadget)

11:07pm – Price is right?

On a two-year contract, the 5C is $99 (approx Rs 6,500) for 16GB, $199 (Approx Rs 13,000) for 32GB. The perforated cases are $ 29 (Approx Rs 900) each.

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It's here (Image Credit: Engadget)

11:10pm – Here's the big one

And here's the iPhone 5S, finally. And yes, there's a gold version too. Looks quite distinguished to be honest. 

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Sounds like a powerful processor (Image credit: Engadget)

11:12pm – Power inside

Apple's managed to pack in a 64-bit chip, the first ever on a smartphone. Brand new system-on-a-chip called A7. iOS 7 has been completely reengineered for 64-bit. 40x CPU performance improvment and graphics are 56x faster, claims Apple. It also runs OpenGL|ES 3.0, just like the new Nexus 7. There's a demo of a third Infinity Blade being played and it looks butter smooth and gorgeous. 

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The new iPhone 5S (Image credit: Techcrunch)

11:18pm – A new processor 

Apple has thrown in a new M7, motion co-processor, which measures the accelerometer, compass, and gyroscope. It can tell apps if the user is stationary, walking, driving, etc. Developers will be able to access it to build apps on this functionality. Nike will launch a new fitness app Nike+ Move which takes advantage of the M7. 

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The M7 coprocessor (Image credit: Engadget)

11:23 pm – Click away

Now on to the camera. It features a new Apple-designed five-element lens with an F2.2 aperture.The sensor has a 15 percent larger active area. The pixels are 1.5 microns, meaning they will capture greater detail than the average 1.4 micron pixels in most smartphone cameras.

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A great sounding camera on paper (Image credit: The Verge)

11:27 pm –  Feature-filled

The iPhone always had a great camera and now it's getting features to boot. You can set white balance, exposure, create a dynamic local tone map. It can shoot 720p at 120FPS and has a slow-motion mode too. Burst mode is ten frames per second. Apple has put dual LED flash on the phone, which it claims creates better looking images and improves colour tone. Well have to take their word for it at the moment. Image stabilisation is also coming to the iPhone 5S camera. In panorama mode, the iPhone adjusts exposure level automatically as you pan.

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The fingerprint sensor is real! (Image credit: The Verge) 

11:30 pm – FIngers ready

Yes, there's a fingerprint sensor in the new iPhone. We've heard about this one for so long that seeing it in real life seems surreal. Just as expected, it's built into the home button. It's a new Touch ID Sensor and it's 170 microns thin, senses 500 ppi, scans your sub-epidermal skin layers. It can read in any orientation. There's a detection ring around the home button and the button itself is sapphire glass, so it won't scratch. You can use it to unlock your phone or to authenticate actions like buying apps from the App Store. “It's never available to other software,” says Apple and also adds that prints are never uploaded to Apple's servers or iCloud. 

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No more iPhone 4 (Image Credit: The Verge)

11:37pm – Coming very soon

iPhone 5S will start at $199 16GB version and $299 for 32GB, $399 for 64GB. All prices are for two-year contracts. There are new environment-friendly cases too at $39 each, and in multiple colours. The iPhone 4S is going to be around slightly longer, but iPhone 4 is now dead, if Apple's slides are anything to go by. The big news is of course that the iPhone 5 has been discontinued and replaced by the 5C.  

The 5S and 5C will be coming on Friday, September 13 on preorder and will go for sale a week later. It will be available in 100 countries and 270 carriers by the end of the year, says Apple. No word yet on when this will come to India. 

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Same as last year's iPhone 5 (Image Credit: Techcrunch)

11:40pm – Live music

Elvis Costello is now on stage as Cook almost wraps up for the night. This one is about to end soon, folks. So what are your general impressions about the two smartphones? 

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Elvis Costello took up the live music mantle this year (Image Credit: Techcrunch)

11:45pm – Still a pricey affair

The Apple iPhone 5C 16GB unlocked price is $549 (Approx Rs 35,000), while iPhone 5S 16GB is $649 (Approx Rs 41,500). That iPhone 5C price is astounding. Definitely not budget by any stretch of the imagination. 

11:55pm – That's it, folks

And that's a wrap. But we've got a lot more iPhone coverage coming up through the next few hours. Stay tuned to tech2 for your iPhone fix! 

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