With Apple Inc. having made the call for its Let's Talk iPhone event Tuesday, consumers are expecting the company to showcase its highly anticipated iPhone 5.

It is expected that Apple's CEO Tim Cook will officially announce the iPhone 5 during the special media event. Many have wondered whether Apple can continue to compete without Steve Jobs as its creative driving force, particularly as rivals, such as Samsung, continue to gain ground. This will be the first major launch from the company after Jobs’ resignation.

Apple is expected to unveil the highly anticipated iPhone 5 alongside the introduction of iOS 5 and its iCloud Web services.

The iPhone 5 is expected to run on the latest iOS 5 with 200 new features, including improved notifications system, News Stand and iMessage. Apple already previewed iOS 5 in June, at its Worldwide Developers Conference, where it showed off a handful of new major features and dozens of smaller improvements.

In addition to this, the iPhone 5 is expected to feature the new iCloud service in operating iTunes for wireless remote access of music from all computers and mobile devices. Not much light has been thrown on what iCloud does, except what's already been determined from Apple, like in-the-cloud storage of music, photos and documents. Possible features like streaming music or movie service are awaited by the consumers.

The launch of the much-anticipated iPad application by Facebook is rumored to take place at the Apple’s launch event for the iPhone 5. It will make sense to announce the Facebook iPad app at an Apple event, if the application is shown to make use of certain characteristic features available through the latest iOS 5 on which the iPhone 5 is expected to run. It will make sense to announce the Facebook iPad app at an Apple event, if the application is shown to make use of certain characteristic features available through the latest iOS 5 on which the iPhone 5 is expected to run. Also the event could be a launch pad for Apple and Facebook to form a new partnership to deal with their common competitor, Google.