Yesterday, Steve Jobs introduced a cheaper and more feature-rich iPhone than the original. He did this in a 107 minute keynote speech. That’s long winded imo. Here’s a break-down video of that speech in 60 seconds. It cuts through all the crap and we hear/see what we really want to hear/see.

The new iPhone is still 8gb, but will cost $199 instead of $399. I’d rather doubt Apple’s making a profit on this. To compensate, they will be raising the price of their service a bit. So all those that will purchase the new phone, will still be paying $399 and much more in service plans. At least you’ll get GPS functionality and a faster phone.