SAN FRANCISCO ( TheStreet) -- Apple ( AAPL - Get Report) CEO Steve Jobs took the wraps off the company's iPhone 4 yesterday. There were relatively few surprises for the 5,000 Apple developers that converged on the Moscone Center in San Francisco for the company's annual WWDC event, thanks to the lost iPhone prototype that famously ended up in the hands of technology Web site Gizmodo.

With a front-facing video camera, an improved display, and longer talk time, Apple fanboys got the iPhone upgrades they were looking for. Jobs, however, made no mention of a CDMA iPhone running on Verizon's ( VZ - Get Report) network, something which many investors and consumers want to see. Other new iPhone features include video chat, a 5-megapixel camera with LED flash and a 3-axis gyro aimed at gamers.
Apple

The new iPhone faces stiff competition from Sprint's ( S - Get Report) EVO 4G, which already offers multitasking and a front-facing video camera.

Nonetheless, Jobs is hoping to wow consumers with the thinnest smartphone on the market. The iPhone really looks and feels like a departure from its predecessors -- the 3G and 3GS. With stainless steel replacing plastic on the iPhone exterior, Apple is clearly pursuing a completely new design aesthetic.

Read on for more highlights and pictures of yesterday's event.

Apple demos the new iMovie app

Apple seems to be pushing the new iPhone 4 as more of a grown-up smartphone -- sturdier and somewhat less whimsical than earlier versions of the technology. Despite the emphasis on design, though, there was plenty of talk about video during the WWDC keynote. Jobs unveiled a new iMovie app that allows users to quickly edit videos on their iPhones.

Jobs eyes Apple's new display technology

Another big iPhone announcement at WWDC was the so-called Retina Display, which Jobs described as the highest-resolution display ever found on a phone. The 3.5-inch iPhone 4 screen has a 960 x 640 pixel display -- four times as many pixels as the iPhone 3GS.

The rebranding of OS 4

Apple's new iPhone operating system also featured prominently during Jobs' keynote presentation, when he announced that it is being rebranded as "iOS 4." The OS, according to the Apple chief, has 100 new features, including the long-awaited multi-tasking, enhanced mail and the company's new iAd mobile advertising platform.

Jobs' technical difficulties

Unfortunately, Jobs' keynote didn't go totally according to plan. The tech guru, rabidly revered in some Apple circles, was struck by the curse of the malfunctioning demo when comparing his retina display on the iPhone 4 and 3GS. The 570 Wi-Fi connections in the room had apparently wrecked Jobs' demo, prompting an appeal to the hordes of live bloggers to switch off their laptops. True to form, though, the Apple CEO eventually recovered and by the end of the speech, was mobbed by fans.

-- Reported by James Rogers in San Francisco.