iPhone4S at "Let's Talk iPhone" event. Reuters.com

Instead of the expected iPhone5, Apple has unveiled the iPhone 4S with a price tag of $199 set for an October 14 release date.

While many were disappointed with the release of a sequel to the iPhone 4 during the Tuesday Let's Talk iPhone event in Cupertino, Calif., the iPhone 4S, while aesthetically similar, has some great updates in its new features.

Price: iPhone 4S will be priced at $199 for 16GB, $299 for 32GB and $399 for 64GB with a new two-year carrier contract.

Availability: iPhone 4S will still be available to AT&T and Verizon Wireless customers and now it will be offered to Sprint customers for the first time on sale beginning Oct. 14.

Camera: The iPhone 4S camera has an 8 megapixel sensor and will capture more vibrant photos, especially in low light. The video camera will be able to capture video in 1080p HD. For many customers, the iPhone 4S will be the best camera ... and video camera they've ever had, and they'll have it with them everywhere they go, Apple's senior vice president Phil Schiller said.

OS: The new iOS 5 software will be included with the iPhone 4S and available on Oct. 12, which eradicate syncing devices and will be available for free. The new platform features a 'Cards' app, which lets users create and mail cards, and the ability to integrate with Twitter.

Speed: The A5 chip in the iPhone 4S will be seven times faster than the processor in the previous model. iPhone 4S will also have faster data download, nearly twice as fast as the iPhone 4.

Siri: A built-in digital assistant called Siri, which takes voice commands and translates speech into text in English, French and German, though more languages will be added later. Siri allows iPhone 4S users to tap their home button and simply prompt the phone to assist, including time inquiry, making a call, searching the web and finding restaurants.