"Stop me if you've already seen this," Steve Jobs said Monday at Moscone Center in San Francisco, joking reference to information about the new phone leaked by tech blog Gizmodo after an iPhone 4 prototype was left at a Redwood City bar earlier this year.
Apple emphasized technology and content. There was plenty to show off.
The popular music game Guitar Hero is coming to the iPhone; so are better graphics that are truly high resolution.
The only glitch in the presentation was not the phone's fault. A webpage would not load because of too many people using Wi-Fi in the room.
The real star is the new iPhone 4 having two cameras, one facing forward and one facing the caller. That allows two-way video calls. Video calling could create a new market for the deaf community.
"There are millions of people who have never been able to use a telephone; this opens up a whole world of visual communication and a phone to them," analyst Tim Bajarin said.
The two-way video feature is built into the new iPhone, so two iPhone 4 users would not need an application like Skype. The calls have to be done over Wi-Fi to get the best results.
The iPhone 4 will go on sale June 24. The price will be $199 for the 16 GB model and $299 for the 32 GB model.
This month, Apple says it will sell its 100 millionth mobile device.
Apple also announced it has paid out $1 billion to developers, who get 70 percent of the revenue from the applications that run on the iPhone, iPod and iPad. It was a clear sign that Apple knows where its future growth and profits are.
"I think the PC is important, the Mac is important, but it wasn't mentioned once today, and it shows where Apple is betting on the future, places where they can really win and be a major player," analyst Michael Gartenberg said.
Existing iPhone customers eligible for an upgrade between Monday and the end of this year have been made immediately eligible for AT&T's best pricing for an iPhone 4. The price, depending on the model, will be somewhere between $200-$700 with another two-year service commitment.