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TheStreet Open House

Apple's iPhone 5S: What We Can Expect

Updated from Sept. 3 to include analysis from Nomura on the second page.

NEW YORK ( TheStreet) -- The world awaits Apple (AAPL) and the iPhone 5S, expected to make its big splash later today. With tons of rumors and speculation being bandied about, it's important to separate the truth from the half-truths and the ridiculous.

Interest in the next iPhone from Apple has been ramping up in the past few weeks, especially as Apple said it sold 31.6 million iPhones in its most recent fiscal quarter. That was up from 26 million in the year-ago quarter, a sign that interest in the iPhone still continues to be strong.

Apple is expected to unveil the new iPhone along with a lower-end iPhone, dubbed the iPhone 5C, at Apple's headquarters in Cupertino, Calif.

CEO Tim Cook has argued that the high-end of the smartphone market is not slowing down. "And I don't subscribe to the common view that the higher end if you will of the smartphone market is at its peak," Cook said on Apple's most recent earnings call. However, with the launch of the iPhone 5C, Apple may in fact be looking toward the lower end of the market in an effort to grab market share away from Google's (GOOG) Android operating system, and allow it to compete better in China.

What it Will Look Like

Apple's past release, the iPhone 5, was a drastic change from the iPhone 4 and 4S as it offered a larger screen and a thinner body. The iPhone 5 is 4-inches, and most expect that Apple will keep the phone the same size, with a 4-inch screen.

The iPhone 5 is 18% thinner (just 7.6 millimeters) than the iPhone 4 and 4S and it's expected Apple will retain the same thinness and perhaps the same weight at a mere 112 grams.

The casing of the iPhone 5S will likely be very similar to the iPhone 5, with an aluminum body, except for a couple notable features. We've seen recent pictures that the iPhone 5S will come in a gold or champagne color, offering something different than the standard black or white iPhone. There have also been pictures indicating Apple will release a graphite-backed iPhone, further differentiating the color scheme on its chief revenue driver.

Aside from the actual physical features of the iPhone 5S, the biggest change will likely be to the operating system. "The big update for most users I think will be iOS 7," said Ironfire Capital managing director and Real Money contributor Eric Jackson. "I still think that's going to be the biggest surprise."

Apple's latest mobile operating system is a drastic change to its predecessors, with flatter icons and a new color scheme.

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