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.