It's finally here. Apple introduced the next generation of the iPhone, the iPhone 4, during the company's Worldwide Developers conference in San Francisco. New features of the device include a front-facing camera for video calling, HD video capture and other hardware improvements such as a high-resolution display and better battery life.

The iPhone 4, which goes on sale June 24 and will come in black and white, will cost $199 for the 16 GB version and $299 for the 32 GB version with a two-year contract from AT&T Mobility, which continues to be the exclusive carrier of the iPhone. Jobs said AT&T will allow iPhone customers who are eligible for an upgrade before the end of the year the ability to buy the new iPhone for $199 or $299 with a two-year term contract.

The video calling feature, called FaceTime, will work only from one iPhone 4 to another and only via WiFi this year.  It will not be working on 3G cellular networks. "It's WiFi-only in 2010. We're working with the cellular providers to get things ready," Jobs said, according to reports. 

The iPhone 4 features 3.5-inch display and runs on Apple's A4 processor, which also powers the iPad. The device is thinner than the iPhone 3GS by 25 percent and features a glass front and back along with a stainless-steel band that works as the antenna system. The new screen has a 960 x 640 resolution that quadruples the number of pixels available on the screen. Apple calls this a "retina display" that sharpens text, pictures and video. The phone's camera has been upgraded to a 5-megapixel camera, with 5X digital zoom and can also record HD video at 720p/30fps.

For more:
- take a look at this FierceWireless article

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