With an iPhone 5 release date expected in a couple of weeks, all talk has been about Apple's yet to be unveiled and highly awaited smartphone.

In 2007, Apple Inc. came up with a product that revolutionized the industry: a beautifully designed, easy to use $600 handset that has a 3.5-inch multi-touch screen, a powerful browser, sophisticated operating system, no physical buttons, and engaging user interface.

Four years later, other smartphone makers have been able to catch up against the iPhone 4 and even the iPhone 5 set for release next month. Samsung Electronics has unveiled the Galaxy S 2, a 4.3-inch touchscreen smartphone that has the same design and features of the iPhone -- prompting Apple to sue the South Korean company for "slavishly" copying the unique features and functionality of the iPhone. Aside from Samsung, Motorola, HTC, Research In Motion have their own touchscreen phones, providing similar touch and gesture features that have distinguished the iPhone from competition.

As for the platform, while the Android was initially tagged as a poor man's version of Apple's iOS, it has quickly evolved and has added a host of features that has made it as the top platform for smartphones (despite the fact that the platform continues to suffer from Malware). Both the Galaxy S 2, which was launched outside in Europe and in Asia this March and in the U.S. this September, and the Motorola Droid Bionic run on Android 3.2 Honeycomb.

Even in third party applications, Apple is losing steam against its rivals. Amid the Android's surging popularity due to the use of the platform by multiple device makers, Amazon and the Android market are now providing an equally wide array of content and apps available in iTunes and the Apple App store.

As for the hardware, Apple's devices are no longer superior. The Droid, for example, has a dual-core 1 GHz processor and 1 GB of RAM, equaling the 1 GHz A5 processor that will be available for the iPhone 5. The Droid Bionic has a 4.3-inch qHD screen using scratch-resistant Corning Gorilla Glass compared with a 3.7-inch or 4-inch screen that will be provided for the iPhone 5. While the iPhone 4 is still using 3G (and possibly the iPhone 5), the Droid Bionic feature the 4G LTE technology, providing download speeds of 5 to 12 Mbps and upload speeds of 2 to 5 Mbps in 4G LTE mobile broadband coverage areas.

The Droid Bionic also has groundbreaking applications and accessories not found in the iPhone -- among others, access to other computing devices using remote access, an application for beaming content to a TV or monitor, HDMI support. While the iPhone has yet to upgrade to an 8-megapixel camera, such camera has been a standard for Android devices, including the Droid and Samsung Galaxy S2.

But like many first time car buyers, many no longer check open the hood to check the engines or look down to check the chassis or even look the specs closely. When everyone in your whole neighborhood starts driving a Ferrari or a Porsche, chances are you'll think about buying one (or probably not?).

What's left of Apple is its brand -- since releasing the iPhone, iPad, and iPhone, devices that have become functional fashion statements, Apple has become the world's biggest tech company by market capitalization. And its greatest brand ambassador was Steve Jobs, who aside from his tantrums, was known for his aesthetic sense, and eye for detail, and focus on sleek, easy-to-use products helped Apple distinguished itself from competition. Steve, a visionary and a showman, loved touting Apple's new products every year. But Jobs, suffering from cancer, has since left the top post of Apple.

Early this year, Apple surpassed Google as the world's most valuable brand, according to a study published by global research agency Millward Brown.

Although the iPhone 5 release date has been delayed (iPhones are usually unveiled in June), Apple has had a record year. It reported record revenue of $28.57 billion and record net profit of $7.31 billion, or $7.79 per diluted share, for the third quarter ended June 25. Apple has sold 20.3 million iPhones in the quarter ended June 25.

Apple, according to Digitimes, expects to sell a record 22 million iPhone 5 units in the fourth quarter, which is the high-point for most retailers because of the Christmas season. And production is ongoing at 150,000 units per day, according to the report.

The iPhone 5 is expected to debut together with the iOS5, the latest upgrade to Apple's operating system for its iPad and iPhone. Aside from an upgraded camera, the iPhone 5 is expected to sport a dual core A5 processor, the processor for the iPad 2. Other exciting new features for the iPhone 5 are the voice based navigation system and panorama photography capabilities.

Not really impressive specs, but Apple has the brand name. Let's see what happens when Apple releases the iPhone 5 in October.