It's a slightly odd 'reveal', because as the presenter explains, they've basically sourced all the components needed to make an iPhone 5S and then put them together. The bits don't all match, so it has a white front and a new black and grey back -- from a new 'graphite' colour option, which will supposedly replace the standard black iPhone.
Next to the iPhone 5, it's hard to tell the difference. As we saw this morning, the screen is exactly the same size (and resolution) and the chassis is the same size and shape too. If this is what the 5S looks like (and take this with a pinch of salt), it's very much the incremental upgrade we've been expecting.
There are a few tweaks from the last generation clearly visible -- the home button no longer has a rounded white square on it, apparently to make way for a fingerprint scanner, and the camera now has a dual LED flash for more nuanced illumination. If this morning's specs are accurate, that's backed up by a wider aperture f/2.0 lens and faster 120fps video capture.
Which colour iPhone 5S are you going to plump for? Would you prefer a more colourful range of high-end iPhones? Colour me surprised in the comments, or on our colourful Facebook page.