Apple pulled the curtains on its latest smartphone iPhone 5 and wowed many critics and audience in its media event that took place in San Francisco at the Yerba Buena Center for Arts. It had 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.

The new smartphone from Apple is expected to battle it out with the Samsung's most successful device, Galaxy S3. It is speculated that the latter will reach another milestone by topping the sales of over 30 million units.

Will Apple be able to surpass the overwhelming success of Samsung's flagship phone? There are speculations from analysts that iPhone 5 sales could hit 10 million on its first week.

Below is a comparison of the specs and features of the two smartphones.

Design - The iPhone 5 claimed to be the thinnest and lightest iPhone yet. Samsung Galaxy S3 claimed to have a smart design and now available in different nature-inspired colors.

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. However, Samsung Galaxy S3's screen size is slightly bigger with its 4.8 inch screen display with 1280 x 720 pixel resolution.

Operating System - The iPhone 5 will be run by the new iOS 6. However, the Samsung Galaxy S3 is supported by Android's mobile software Ice Cream Sandwich. An update to Jelly Bean is expected to come out either later this year or early next year.

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. Samsung Galaxy S3 will not be left behind with its quad core Exynos processor clocked with 1.4GHz.

Connectivity - Both devices supports 4G/LTE connection, which is the latest trend in mobile technology.

Camera - iPhone 5 is equipped with iSight, 8-megapixel camera. Samsung Galaxy S3 boasts 8 megapixel auto focus camera with LED Flash.

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. However, Samsung Galaxy S3 has 2100 mAh battery.

Great news from Apple is that the new iPhone 5 will offer the same storage variants, 16GB, 32GB, and 64GB, and come with identical pricing of $199 to $399, depending on storage needs.

However, Apple has decided to kill off the iPhone 3GS and cut the price of its iPhone 4 8GB device to free in a two-years contract. The iPhone 4S will be available in its 16GB flavor for $99. iPhone 5 will be available for pre-order on September 14 and will hit the Apple Stores on September 21.