It was the world's worst kept secret but now at last, the specs for the latest iteration of the iPhone can now be shown to an eager world.

The new version should be available to Brits sometime around 11 July and with any luck should only cost £100 for the 8GB version (which should ensure that the phones fly out of the shops). But what we do know so far is that the device will be available in the U.S. for $199 (or $299 for the 16GB version).

Speaking at Apple's worldwide developer's conference in San Francisco, Steve Jobs said the "number one reason people didn't buy the iPhone was that they couldn't afford it, so we need to make the iPhone more affordable." So now it will be subsidised by the operators, like any other phone.

The new iPhone is also slimmer (weighing in at a size-zero 133G)than the original and thanks to its 3G capabilities, is it claimed to be twice as fast.

It will also come with full GPS functionality, so you can never get lost again. Also on table is full push email with Microsoft Outlook servers.

While the original iPhone took its design cue from the iPod, it has had to ditch the metal backing in favour of black plastic to improve on the poor reception the original suffered. (The 16GB version has a white casing option).

According to some rumours, Apple is set to turn the iPhone into a handheld games console with games such as Sega's Super Monkey Ball and Kroll touted to be launched in the next few weeks.

See our review of the original iPhone here.