Apple just announced the brand new and highly anticipated iPhone 5S during a press event in Cupertino, California. Phil Schiller took the stage to announce the phone, which he said is the most “forward thinking device ever.” Like the iPhone 5, it’s made out of aluminum.

Inside, though, it has more power than any iPhone before, including a 64-bit A7 processor, for which iOS 7 has been updated. The processor should offer twice the power as the previous A6 chip and twice the graphics performance. Schiller even added that it’s 56 times faster than the first iPhone, which made its debut in 2007. Other features of the chip include support for Open GL ES 3.0, which should mean for a pretty solid gaming experience.

Apple also revealed a “motion co-processor” called the M7 that will work with the A7 and measures motion data while you move. The M7 includes the device’s gyroscope, a compass, accelerometer and more. That means we should see the iPhone 5S double as some sort of fitness device that can keep track of your movements more accurately than ever. Developers can take advantage of a new CoreMotion API for taking advantage of the M7 chip.

Schiller said end users should expect 10 hours of talk time on 3G networks and 250 hours of standby while the device isn’t in use. LTE is a bit different – 10 hours of Web browsing and 40 hours of music playback. That’s on a par with most smartphones these days.

The iPhone 5S also has a new camera sensor with a 15-percent bigger sensor, which should allow for better low-light performance, and an f/2.2 aperture. This is a similar approach to what HTC did with the HTC One by making the pixels larger. Apple’s new dual-LED flash is technically called “True Tone.” Like some other smartphones hitting the market now, the iPhone 5S will feature automatic stabilization of images. That should help eliminate blurring while moving. A new “Choose Favorite” option will analyze a batch of photos and choose the best shot out of your batch. Slow-motion video is also supported at 120 frames-per-second.

As expected, the iPhone 5S also offers a fingerprint scanner in the home button, which it’s officially called the Touch ID. It uses a camera and you’ll be able to use it for several things, including buying digital goods from the iTunes store, unlock your phone and more. We presume Apple will let developers take advantage of Touch ID in the future.

The device will launch in black, gold and white, and grey and white. The 16GB option will cost $199 with a contract, a 32GB option will cost $299 with a contract and a 64GB option will cost $399. Apple will also sell new leather cases.