The latest version of the iPhone, the long-awaited 3G version was announced yesterday at the Apple WWDC developer’s conference and get this, the 8GB version is only $199. Yes, there are going to be some miffed 1st gen iPhone owners out there. Oh well, Jobs is going to turn the world into an iPhone toting crowd yet.

Perhaps the most notable new feature is the built-in GPS. Here’s a rundown of the other new features (courtesy of our friends at Methodshop):

* Thinner.
* Cheaper. An 8G iPhone 3G will sell for… $199. $299 for the 16GB. Right now, it’s actually cheaper than the iPod Touch?!
* Wireless access to the new iPhone “App Store” full of applications and games specifically made to take advantage of the new iPhone’s features. You can also access the App Store via iTunes.
* Plastic back cover.
* Solid metal buttons.
* Accelerometer that rotates the screen content when you rotate the orientation of your iPhone.
* Multitouch display.
* Camera.
* Flush headphone jack.
* Dramatically improved audio.
* Faster. The iPhone 3G is 2.8X faster than the old iPhone on AT&T’s slow American EDGE network.
* Advanced GPS support. iPhone 3G uses signals from GPS satellites, Wi-Fi hot spots, and cellular towers to quickly get the most accurate location.
* Longer battery life. 300 hours of standby, 2G talk-time now has 10 hours (as opposed to 5), 5 hours of 3G talk-time (most phones only have 3 hour 3G talk time), 5 to 6 hours of high-speed browsing, 7 hours of video, 24 hours of audio.
* Enterprise email support.
* More colors. The new 3GF iPhone also comes in White.

You can pick up a 3G iPhone July 11, and you can pre-order one right now at the Apple Store.

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