The burden of waiting and speculating is finally over as tech giant finally Apple pulled the curtains of the new smartphone - iPhone 5.

Apple unveiled its latest smartphone in San Francisco at the Yerba Buena Center for Arts, and has the entire tech world watching to see the next generation iPhone. Some of its amazing features are 4G/LTE connectivity, 4-inch screen display and new operating system.

Nokia, on the other hand, introduced the new phones in the Lumia range last week and some of its features promises strong competition to Apple's iPhone 5.

The new Lumia phones were popularly known by the codenames of "Arrow" and "Phi" before. The new additions are the Lumia 820 and Lumia 920 smartphones powered by Windows Phone 8.

The Lumia 920 is the star of the launch with its 4.5 inch display screen, dual-core 1.5Ghz processor, wireless charging and PureView branding, similar to the previously announced - but never released in Australia - PureView 808.

According to Nokia the Lumia 920 features a floating camera lens that is designed to provide better image stabilization for both photos and video, it can record full HD video in 1080p. Below are some of the great features of the two new phones from the Finnish mobile manufacturer.

Below is the comparison of the two smartphones that will have intense competition during the holidays.

Design - The iPhone 5 claimed to be the thinnest and lightest iPhone yet and is available in its staple black and white color cases. Nokia Lumia 920 is available in different fun colors that will match the mood and lifestyle of the user.

Screen Display - The new iPhone finally let go of its prehistoric 3.5 inch screen and put a 4-inch screen display. The new screen has 1136 x 640 pixel resolution and 16:9 aspect ratio. The Nokia Lumia 920 is equipped with a slightly bigger screen that is 4.5 inches and has 1280x768 pixel resolution.

Camera - iPhone 5 is equipped with iSight, 8-megapixel camera. However, Nokia Lumia 920 boasts its Nokia PureView camera with 8.7 megapixels.

Operating System - The iPhone 5 will be run by the new iOS 6 packed with new amazing features. Nokia Lumia 920 is powered by the new Windows Phone 8.

Processor - iPhone 5 is powered by the new A6 processor. According to Schiller, the chip is 22 percent smaller than the previous A5, available in the iPhone 4S, but is twice as fast and doubles the graphics performance of its predecessor. The Lumia 920, on the other hand, is equipped with 1.5 GHz dual core Snapdragon S4 processor.

Battery Life - Apple is promising strong battery life in the iPhone 5. The company claims it'll deliver 8 hours of 3G talk time and 8 hours of LTE browsing. On standby, the device will last 225 hours on a single charge, the company says. Nokia Lumia 920, on the other hand, 2000 mAh battery. Moreover, the device has built in apparatus to support wireless charging.

Based from the aforementioned features, iPhone 5 is a better choice in terms of specs and features. However, Nokia is a perfect alternative to teh Apple smartphone if iPhone 5 is too pricey.

iPhone 5 will be available for pre-order on September 14 and will hit the Apple Stores on September 21. Nokia will be available later this year.