iPhone 5, iPhone 4S, or iPhone 4? Which is Worth Purchasing?

Apple has announced the long-awaited iPhone 5. Boasting an all-new design, with 4G LTE and a larger 4-inch Retina display, Apple is calling it "the biggest thing to happen to iPhone since iPhone."

We've stacked up the specs for the iPhone 5 side by side against the iPhone 4S and the iPhone 4 to help determine which phone is right for you.

The biggest, most attractive feature of the iPhone 5 is its new design. The phone is 20 percent lighter, 18 percent thinner, and 12 percent smaller by volume than the iPhone 4S. At just 0.3 inches thick and 3.95 ounces, it's one of the thinnest, lightest smartphones available. That's a pretty major feat, considering that Apple has also increased the size of the display.

That's right. For the first time since the original iPhone, Apple has bumped the display up from 3.5 inches to 4 inches. The resolution has been boosted too, up to 1,136-by-640 pixels, which makes for the same 326 pixel-per-inch Retina display as the iPhone 4 and 4S. Color has been improved as well, with color saturation that's 44 percent greater than before. That additional screen size allows for added app functionality, and Apple claims that old apps will look and work just the same as new ones.

Arguably the greatest new feature is support for 4G LTE. This is the first LTE phone that Apple has released, and it will be able to tap into the super-fast new networks from AT&T, Sprint, and Verizon (provided you live in an LTE coverage area). The iPhone 5 also includes support for a number of other networks all around the world. And dual-band 802.11n wireless connectivity should accelerate your Wi-Fi experience as well.

The iPhone 5 is powered by Apple's powerful new A6 chip, which Apple claims is up to twice as fast as the A5 processor found in the iPhone 4S. It's also less power hungry, and Apple claims you can get up to eight hours of 3G talk time, eight hours of 4G LTE Internet use, or 10 hours of video playback on the iPhone 5. We recorded nine hours and 22 minutes of 3G talk time on the Verizon model of the iPhone 4S, so the number we see this time around will likely be even higher.

And for the first time in many years, Apple has upgraded its standard Apple Earphones to new Apple EarPods. Designed with fit and comfort in mind, the EarPods are futuristic-looking little earbuds with a built-in remote and mic. They've been engineered to minimize sound loss and maximize sound output using a number of strategically placed vents. Needless to say, these are likely to be a major win over those tinny Apple Earphones of yesteryear.

That's not the only improvement made for sound. The iPhone 5 has three microphones—one on the front, one on the back, and one on the bottom—which should make for clearer audio. And new noise-canceling technology reduces background noise even further.

Improvements have been made to the camera as well. It's still an 8-megapixel sensor, but now it's 40 percent faster, with better low-light performance and improved noise reduction. The phone's gyroscope, processor, and camera app also work together to create seamless, high-res panoramas up to 28 megapixels. And the front-facing camera has been given an update to 720p for HD FaceTime Calls.

Also new is the Lightning connector, which is smaller, more durable, and reversible than the previous 30-pin connector. There's an adapter for all your old 30-pin devices, so don't worry too much, but this one does look like it'll make it even easier to connect.

Siri has been upgraded, along with a plethora of new features in iOS 6. iOS 6 will also be coming to the iPhone 4S and iPhone 4 on Sept. 19, but Siri is only available on the iPhone 4S and iPhone 5.

So is the new iPhone 5 worth it? You'll have to check back for our review before we can make that call, but right now, it looks like if you're willing to drop at least $200, the iPhone 5 will offer some major upgrades over the iPhone 4S and iPhone 4.

If you're looking for a new, entry-level smartphone, and don't want to spend a lot of money, it's hard to beat a free iPhone 4. Still, an extra $100 or two isn't all that much extra to spend over the life of a two-year contract, considering most contracts cost around $100 per month. So if I were shopping around for a new iPhone (and I think I just might be), I'd put my money on the iPhone 5.