Apple's executives are on-stage at the company's Town Hall campus in the company's Cupertino, California headquarters. Head honcho Tim Cook kicked off the long-expected keynote at 10am Pacific / 1pm Eastern with his usual barrage of Apple biz stats (they don't call him a numbers guy for nothing).
And now, the company has officially taken the wraps off a product critics said would never see the light of day: a more affordable iPhone. They are calling it the iPhone 5c and it's basically the existing 2012 iPhone 5 hardware redesigned around a polycarbonate plastic enclosure with a black front face and your choice of one of the five brightly colored backplates: red, blue, yellow, green and white.
We have the full breakdown for you guys right after the jump...