Apple Debuts New iPhone, World Exhales

Updated from 2:10 p.m. EDT

Apple's (AAPL Quote) rolled out a new version of the iPhone and cheaper version of the existing phone.

Apple's new iPhone, dubbed 3G S, is a beefed up version of the previous 3G iPhone and features faster network speeds, a quicker processor and a 3-megapixel camera. The new iPhone shoots video, but does not include a second user-facing camera for video calls, as some had expected.

Apple says it plans to sell the earlier version of the phone for $99 with 8 gigabytes of memory. The new iPhone 3G S, priced at $199 with 16 gigabytes and $299 with 32 gigabytes, is expected to be available June 19. All these phones require a two-year contract with AT&T(T Quote). ...