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

If iPhone 4S was named iPhone 5, the world may not have been so disappointed even if the specs and features were the same. On Tuesday's Let's Talk iPhone event, Apple unveiled its new iPhone, dubbing it 4S, to be released on Oct. 14, two days after the release of iOS 5 and iCloud.

As you've heard, it's the number one smartphone in the world. People have been wondering, how do you follow up a hit product like the iPhone 4? Apple's new CEO Tim Cook said as he unveiled the iPhone 4S.

Though the new iPhone is named 4S, you may just think of it as the iPhone 5 as many speculations swirling around the 5th generation iPhone are becoming reality in the 4S.

The iPhone 4S will feature a retina display, with a Samsung-built dual-core A5 processor that will offer seven-times faster graphics and, overall, twice as fast as the iPhone 4. This speed would make iPhone 4S stand out in performance when playing games.

A new wireless system will allow users to intelligently switch between its two antennas to make even better call quality.

Our engineering team has worked really hard to advance the state of the art that's never been done in a phone before, said Philip Schiller, Apple's senior vice president of worldwide product marketing.

Coming closer to a worldphone through the improvement of wireless system was one of the expectations surrounding the iPhone 5.

Another building block for the worldphone-ness is the 4G network. The iPhone 4S is just as fast as its competitors that use 4G connectivity, with the max performance doubled to almost 14.4Mbps, said Schiller. Don't be confused -- the 4S will not be a 4G phone, but its download speed can match that of 4G smartphones.

The iPhone 4S sports an 8-megapixel camera, exactly what the iPhone 5 was expected to have. The upgraded camera can shoot images at a resolution of 3264 x 2448, 60 percent higher than the 5-megapixel camera in the iPhone 4.

With the iPhone 4S, it takes only 1.1 seconds to take photos, while the rival Droid Bionic smartphone will consume 3.7 seconds in taking a photo.

Moreover, the camera in the 4S will shoot better videos at a definition resolution of 1080p.

What do Droid Bionic customers have to do between taking pictures? Get coffee? said Schiller.

A big feature only available on the 4S phone is Siri, also called Assistant, which will function as an interactive computer, or an AI, answering your questions and reading your text messages for you. The voice assistant system was demonstrated by Apple's Vice President Scott Forstall, who asked Siri what's the weather like today? The assistant responded with the forecast. The artificial intelligence merged into the iPhone will process your habits and patterns, and is capable of personalizing results based on your previous choices. Siri has the ability to perform many tasks, from transcribing text messages and searching maps to scheduling calendar appointments.

One major disappointment in not having the iPhone 5 may be the mounting expectation for the new teardrop design on a slimmer and lighter body than the previous iPhones.

iPhone 4S will be available in both black and white, 16GB for $199, 32GB for $299, and 64GB for $399. It is the first time Apple will be releasing a 64GB iPhone.

The iPhone 4S was annouced alongside the iOS5 and iCloud, both of which will enrich the user experience with the new smartphone.

iPhone 4S plus iOS 5 plus iCloud is a breakthrough combination that makes the iPhone 4S the best iPhone ever, said Schiller.

While our competitors try to imitate iPhone with a checklist of features, only iPhone can deliver these breakthrough innovations that work seamlessly together.