The highly anticipated second generation iPhone was finally unveiled today by Apple (AAPL) CEO, Steve Jobs.

Jobs presented the new iPhone, which will run on the 3G network, at this year’s meeting of the annual Worldwide Developers Conference.

As a precursor to the unveiling of the actual phone, Jobs teased attendees of the conference with a list of new features that will be available on the device. These included applications like contact searching, iWork and Microsoft Office document support Microsoft (MSFT), saving of images from e-mail, scientific calculator, parental control functions, and expanded language support.

In addition to new options, the 3G version of the iPhone includes upgrades in the areas that the original iPhone lacks. The new edition will feature 300 hours of standby battery with 8-10 hours of 2G talk time and 5 hours of 3G talk time, 7 hours of video and 24 hours of audio. As expected it will use A-GPS which supplements regular GPS data with information from cell towers and Wi-Fi, reportedly giving users an indication of where they are within 3 meters. (However, in spite of persistent rumors, the 3G iPhone will not be equipped with a front-mounted camera making video chat possible.)

While the 3G version of the iPhone will be released with more options for buyers, it will also be available for a cheaper price than the original model. Jobs said that the phone would hit stores on July 11 for $199 (8GB) and $299 (16GB). Additionally, the phone will be released to a larger audience than the original technology. While current European users are unable to purchase the iPhone in their native countries, the 3G technology is expected to be released in 22 markets on July 11, and 70 countries by the end of this year.

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