After months of rumors and guessing Apple has finally announced its newest phone, the iPhone 4S. While it looks the same as its predecessor, the iPhone 4S has a faster processor, which could have some business applications as well as personal.

The iPhone 4S will be released on October 14th on AT&T, Verizon, and Sprint at a price point of $199 with a 2-year contract. The slower iPhone 4 will still be available, but it will sell for a lower price of $99. Finally, 2009’s iPhone 3GS — a big step down — will be free with a wireless contract.

There are other notable features besides the speed, as well. The iPhone 4S has slightly better battery life with 8 hours of talk time, 14 hours of 2G talk time, 6 hours of 3G browsing and 9 hours of Wi-Fi browsing.

Avoiding similar issues that the iPhone 4 had, the antenna in the 4S is more efficient allowing faster downloads and more consistent connections. It is especially useful for business travelers as the new antenna works on both GSM and CDMA wireless networks, allowing a single iPhone to be used in more countries and markets.

The iPhone 4S will also feature an 8-megapixel camera and, for the first time, 1080p video. It will include real-time video image stabilization and temporal noise reduction, along with all of the features offered by Apple’s new mobile software, iOS 5.

[Image credit: renatomitra]