[Apple iPhone5 release live]Apple iPhone 4S has an aperture of f/2.4

The new camera has an 8 megapixel sensor. That's 3264 x 2448 for you pixel counters out there. That means you can print out an 8 x 10 photo, said Schiller.

The new sensor is 33% faster at taking photos, he said, addressing one common complaint about the iPhone camera

The lens has five elements, he said, that makes the photos sharper. And it has an aperture of f/2.4 -- helpful for taking photos in low-light settings like Apple keynotes.

The Droid Bionic takes 3.7 seconds to take a first photo, while the iPhone 4S takes 1.1 seconds, he said.

Bionic users have to "go get coffee" in between taking pictures. Photo buffs may well be drawn to many of these features -- Apple is making a play to turn the iPhone 4S into the new walk-around camera.

Schiller is showing off some impressive photos taken with the 4S, which includes several which have SLR-like depth of field effects, and the ability to stop motion.

The new iPhone will record 1080p HD video, and includes image stabilization features.

Airplay is Apple's system for streaming media to different devices, such as AppleTV. The iPhone 4S, like the iPad 2, will have "Airplay Mirroring," which allows you to show exactly what you're seeing on the phone screen on a big-screen TV via an Apple TV.

The iPhone 4S is "the most amazing iPhone yet" -- he said. And there is one more thing about it ... voice control.

"What we really want to do is just talk to our device," he said. Now Schiller is introducing "Siri," -- the "intelligent assistant that helps you get things done just by asking."

Last year, Apple bought a start-up called Siri that was working on these features. This is the first time Apple is showing off what it hopes to do with its technology.

Scott Forstall is back on stage demo-ing Siri, which he says is a dangerous thing to do for voice activated software in front of a group of journalists.

Forstall presses and holds the home button on the iPhone and asks his phone what the weather will be like, and it pop ups up the weather. He then asked it "Do I need a raincoat today?" Siri answers: "It sure looks like rain today."