Apple's long-awaited event announcing the latest on the iPhone 5 finally took place and it disappointed everyone as the technology giant did not unveil iPhone 5 but only took the wraps off iPhone 4S, which came with a better camera and iOS 5 pre-installed.

Rumors, leaks, and mockups of iPhone 5 have been all over the Web for months but when the moment of truth finally came, Apple fans were let down. The company said it will not be releasing the next generation iPhone 5 this year. Instead, the rumored iPhone 4S will be out on Oct. 14. Pre-orders start this Friday on Oct. 7. The iPhone 3GS with 8GB will now be available for free with a contract. The cheapest iPhone 4 will now be available for $99.

Starting at $199 for 16GB, the iPhone 4S will feature iOS 5 upgrade and apps Apple promised. On the outside, it's identical to the iPhone 4. But Apple emphasizes that it's a completely different phone and the best iPhone out so far.

One of the most anticipated features to this software upgrade was the Assistant, named Siri. This assistant function has taken voice recognition technology to a whole new level. Users will be able to say a command about virtually anything, and Siri will respond and proceed with the task. Apple showed a few demos during the event, or you can visit here  for a first look at some stills.