The countdown is over. See our updates below for the IPhone 5 specifications.

There are rumors already circling stating that it’s just going to be called the iPhone 5. Do you think so? We will find out shortly for sure. There have been numerous leaks ahead of Wednesday’s event, from individual components like screen size guestimates and dock plugs to full-fledged prototypes of the iPhone. Of course, all of these remain suspect until Apple makes it official. Some leaks even suggest that there will be new lineups for the Apple iPod but we don’t know for sure until about another hour and a half.

The press conference, which is expected to bring Apple’s next iPhone, takes place at the Yerba Buena Center for the Arts in downtown San Francisco and kicks off at 10 a.m. Pacific. CNET just so happens to be there and they have created a live blog for you to follow. Click here to see the blog updates. They will also be running live commentary from editors Molly Wood, Brian Tong and Donald Bell beginning at 9 a.m. PT. Some of you may want to see the live feed from Apple themselves but that’s not going to happen. There’s no live video of the presentation itself, which is the usual for Apple’s events so CNET is helping out by blogging it for us all to see.

To all the Apple lovers, what do you expect to see in the next iPhone? What would you like to see? Are you waiting patiently for the event to start? We sure are and we will be following CNET’s blog to get the best details. After you collect all of the information and feel like you need to share your opinion, come right back here and let’s talk about it. We want to know if you were shocked, surprised, excited etc. How does this big event today make you feel?

Source: CNET

[UPDATED]

Here’s what has gone on so far at the live event and what you can expect in the new IPhone 5:

• Name – Iphone 5
• Operating System – IOS 6
• Shipping – Possibly October 5th
• Made entirely of glass and aluminum with a metal backing
• Thinnest and lightest Iphone so far
• 7.6mm thick (18% thinner than the IPhone4)
• 20% lighter
• Retina display with a 4″ screen size
• 1136 x 640 resolution
• Old applications run letter boxed
• 44% more color saturation in the screen
• Ultra fast wireless
• LTE Support – Verizon, At&t and Sprint
• Max 100MBPS download speeds
• Single chip for voice and data
• A6 processor two times faster graphics and CPU, which is 22% smaller and more energy efficient
• Time shifted multi-player
• 8MP camera and a front facing camera (face time over cellular networks)
• Dynamic low light mode for camera
• 40% faster image capture in the camera
• Camera will have panorama mode
• Camera creates up to a 28 megapixel image
• Take photos while recording!!
• 3 microphones
• New, 80% smaller USB connector called “Lightning”
• Apple created adapters to work with the older accessories
• Turn by turn navigating from Siri
• Safari gets full screen mode

Do these specifications make you happy? Let us know how you feel in the comment section below.

According to an Inside Sprint Now blog ALL pre-orders are in a “Pick and Pack” status. So wouldn’t that mean that the pre-orders are basically ready to go and we are really just waiting to find out what is happening on the legal side of things.

I personally like thinking that they will have enough on hand to ship out the orders all at once, but I am not sure how I feel about being told the phones are at customs when the above makes it sound like they are not.

What are you thoughts on this? Do you think that all orders are really ready to go like mentioned in the Inside Sprint Now blog? Do you think they are truly still sitting at customs? Is it possible that this is just a scheme in Apple’s master plan to sue everyone into dumbing down their products so Apple can catch up? ((Ok, maybe that last question was a bit “aggressive”.))

Thanks to Inside Sprint Now for their insight on the this story here: http://insidesprintnow.wordpress.com/2012/05/16/update-htc-evo-4g-lte-delayed-launch-status/

Pocketnow has an image it says might be the rumored new Nexus line of tablet.

Take a look and see if you think it’s a sure fake or if it’s the real thing.  The debate rages as to whether it’s Samsung or Asus, 7.7″ or 10″.

When Google does actually drop the Nexus tablet, it might be some good competition for the iPad that has dwarfed the industry.  As you can see from the image it has all google apps and no indication as to any proprietary apps from a different vendor.  It also is plainly running ICS.  We’ll soon see when the tablet is actually released.

Back in October of this year Apple released the iPhone 4S, which too many was a letdown. The media had hyped up the rumored iPhone 5 which was thought to have had a 4 inch display, and much to our surprise Apple stuck with its traditional 3.5 inch display, while other Smartphone manufactures such as Apple’s rivalry Samsung,  are sporting a 4.3″ WVGA SUPER AMOLED Plus in their latest devices.

Now less that 2 months after its realse a new set of rumors are floating on the boards today. Hitachi Displays, Ltd. and Sony Mobile Display Corp. have reportedly already begun shipping 4-inch displays for the next iPhone and also displays for the iPad 3, slated for release next year, according to MacRumors.

Originally posted by Japanese website Macotakara:

According to Asian source, Hitachi Displays, Ltd. and Sony Mobile Display Corporation started to ship 4-inch LCD for new iOS device and LCD for iPad 3. These 2 companies will be merged their business with Toshiba Mobile Display Co., Ltd., as “Japan Display” in 2012 spring.

Let’s just say that we’ll need a little more in the way of evidence before we start pinning our hopes on the iPhone getting a larger display anytime soon. The report doesn’t specify which iOS device that the screens would be used for, but the most natural choice would be the next generation iPhone. Apple has been said to be exploring the use of a 4″ display for their upcoming iPhone. iLounge previously indicated that the 2012 iPhone would use a 4″ display.