Apple unveiled the iPhone 5 at an event on Sept. 12 and reviews are already pouring in on the new gadget, calling it "a small step than a leap."

Watch the video here, where Chief Executive Officer, Tim Cook, made the announcement about the new phone and also revealed a line of new iPod touches.

Apple Inc. have strategized to only once a year release upgrades for a product that makes up about 70 percent of the company's profit, according to New York Metro.

Details about the new iPhone have all been confirmed at the event and several reviews are claiming that perhaps the public had higher hopes for the iPhone 5 than what we were told on Wednesday at the Apple event.

"Another fall, another iPhone, another sigh from techies," amNew York reported on Sept. 13. "The buzz on the web was that the iPhone 5 felt more like a small step than a leap, though the disappointment could be rooted in the impossibly high expectations and the fact that most of the details had already been leaked."

Details about the phone were leaked on the web starting this summer and so the Apple event on Wednesday just confirmed what many already knew about the phone.

However, ABC News said the iPhone 5 "blends beauty with versatility."

"[Steve] Jobs would have been delighted with the iPhone 5's blend of beauty, utility and versatility," they reported. "Add in the more advanced technology and new features that went into this iPhone, and it's clear Apple has come up with another product that will compel hordes of people to line up outside its stores before its Sept. 21 release in the U.S., Japan, Britain, Germany, France and four other countries."

There are mixed reviews about Apple's new gadget, but some reports suggest that lines will still be long at stores because many just want the greatest and latest Apple device in their pockets.

Preorder for the iPhone 5 is available starting Sept. 14. Click here for more details on how you can get your new phone before it hits shelves.

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Apple, Iphone 5