Steve Jobs unveiled the much awaited next generation iPhone at today’s WWDC 2010 Keynote address and it looks exactly like the lost next-generation iPhone prototype.

Apple is calling their fourth generation iPhone – iPhone 4, after various rumors and speculations that it might be called iPhone HD.

Apple believes its “the biggest thing to happen to iPhone since iPhone”. Find out all you wanted to know about Apple’s new iPhone 4 after the break.

Here are some of the major features of Apple’s new iPhone:

FaceTime:

iPhone 4 comes with two cameras, a front facing camera in addition to a camera at the back.

The front facing camera will allow iPhone 4 users to make and receive video calls. You can switch between the two cameras during a video call with a tap of a button. You’ll also be able to make calls in both portrait and landscape mode.

But you can make and receive video calls only between two iPhone 4s. It will be interesting to see if iPhone apps like Skype will allow users to make video calls to other Skype users on computers or other mobile devices. Video calling works only over Wi-Fi.

Steve Jobs has mentioned that the feature is Wi-Fi only in 2010 but they’re working with cellular providers to allow video calls over 3G.

However, if iPhone 4 is jailbroken then you should be able to use jaillbreak apps such as VoIPOver3G, 3GUnrestrictor to make video calls over 3G. So if you’re an existing AT&T customer then it might be a good reason to stick to the unlimited data plans.

Retina Display:

iPhone 4 will be running at a resolution of 960×640. Apple is calling the iPhone 4 display, the Retina Display.

Apple has managed to pack four times more pixels in the display as compared to previous iPhone models. The pixel density of iPhone 4’s display is 336 pixels as compared to 163 pixels in iPhone 3GS thus making it the smartphone with the highest-resolution screen currently.

iPhone OS 4.0 which has be renames as iOS 4 will automatically make iPhone apps work on the higher resolution Retina display.

HD Video Recording:

iPhone 4 users will be able to shoot movies in high definition HD (720p) up to 30 frames per second with audio. Apple has also announced a new iPhone app called iMovies for iPhone to enable iPhone 4 users to shoot, edit and share videos.

Better Camera:

iPhone 4 comes with a 5-megapixel camera as compared to iPhone 3GS 3.2 megapixel camera.

But more importantly iPhone 4’s camera comes with built-in LED flash. So you’ll be able to finally take low light photos with iPhone 4.

A4 Chip:

iPhone 4 will be powered Apple’s A4 chip. The same chip that powers Apple’s iPad.

A4 is very good with very power management as we have seen with the long battery life of iPad.

Improved Battery Life:

The battery of iPhone 4 is bigger. So with the bigger battery and A4 chip, Apple has managed to improve battery life as compared to iPhone 3GS.

• Talk time:

  • Up to 7 hours on 3G (iPhone 3GS: Up to 5 hours on 3G)

  • Up to 14 hours on 2G (iPhone 3GS: Up to 12 hours on 2G)

• Standby time:

  • Up to 300 hours (iPhone 3GS: Up to 300 hours)

• Internet use:

  • Up to 6 hours on 3G (iPhone 3GS: Up to 5 hours on 3G)

  • Up to 10 hours on Wi-Fi (iPhone 3GS: Up to 9 hours on Wi-Fi )

• Video playback:

  • Up to 10 hours (iPhone 3GS: Up to 10 hours)

• Audio playback:

  • Up to 40 hours (iPhone 3GS: Up to 30 hours)

In my opinion, the 40% improvement in battery life is one of the most significant improvements in iPhone 4 as poor battery life was one of my biggest gripes about iPhone 3GS.

Other features:

• iPhone 4 is just 9.33mm thick, which is 24% thinner than the current iPhone 3GS

• It will also be capable of HSDPA/HSUPA speeds of 7.2Mbps down and 5.8Mbs up

• iPhone 4 supports UMTS/HSDPA/HSUPA (850, 900, 1900, 2100 MHz) while iPhone 3GS supports only UMTS/HSDPA (850, 1900, 2100 MHz).

• Gyroscope to detect motion on 6 axes

• It will use the smaller micro SIM like iPad

• A second mic for noise cancellation

• iPhone 4 supports 802.11n Wi-Fi, in addition to 802.11 b/g

Pricing:

iPhone 4 will cost $199 for the 16GB model and $299 for the 32GB model with a new 2-year contract. Surprisingly, Apple has not increased the storage in iPhone 4.

AT&T will be offering an early upgrade special for current iPhone users in the US. If your contract expires any time in 2010, you are immediately eligible for a new iPhone 4 at the same 199 or 299 prices if you top up your contract 2 years.

Availability:

Apple’s new iPhone 4 model will go on sale on June 24 in the US, France, Germany, Japan, and the United Kingdom. Pre-orders start on June 15. It will go on sale in 18 more countries in July, 24 more countries in August and will be available in 88 countries by September.

Also checkout the iPhone 4 feature video:

We can’t wait to get our hands on Apple’s new iPhone. How about you? Do you like iPhone 4? Will you be buying or upgrading to it? We would love to know, so please drop us a line in the comments.