The NEW iPhone 5S and 5C have been officially announced!

Apple.com iPhone info

The 5S adds some cool new features and the 5C adds color choices never before available on an iPhone. The real news I was looking to get was the new pricing. There has been talk leading up to this announcement that the 5C was going to be a cost conscience alternative for smartphone buyers who can't or won't put out the high price of the 5 and now 5S.

Wired.co.uk wrote:

"Apple has launched the iPhone 5C, a lower-cost version of the company's flagship smartphone, in a selection of candy colours.

Announced by Phil Schiller, Apple's SVP of Worldwide Marketing, the reveal focused on the customisability of the device -- something that's deemed to be important in many Asian markets. Not only does the phone come in green, blue, white, red and yellow, but the wallpaper for iOS7 will match the colour, as well a new range of custom cases. Users can mix and match covers and cases to create their own customised version."

I really don't see how this is much of a dollar saver.  It is "only" $100 cheaper.  Yes with a contract it is half the price of the higher end iPhone 5/5S but if you buy the phone outright its is $100 off and you really pay for the phone when you sign a contract despite the low upfront price.  The 5C is $549 vs. the 5S is $649 (16GB T-mobile / Unlocked).  $549 is hardly a budget phone.