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.

Oct. 4 could only be the announcement date of the new iPhone with another 10 days needed for the consumers to really have them.

In spite of continued economic concerns and high unemployment in the U.S., phone buyers are increasingly choosing smartphones over feature phones. To cash in, Apple may offer a midrange smartphone along with the release of the iPhone 5.

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 alluded to 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.

Apple's iPhone 5 remains the most anticipated smartphone in the U.S. marketplace, and comes preceded by months of rumors. More will be known at the Apple event Tuesday, when there should be available full details of the presumed new product and, possibly, iOS 5 and iCloud.

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