News of the latest iPhone 3G S was the highlight of a two-hour presentation in San Francisco by Apple executives at their annual conference for software developers.

Apple Senior Vice President of Worldwide Marketing Phil Schiller watches a video of the new iPhone 3Gs during his keynote at the Apple World Wide Developers conference in San Francisco, California. Apple announced on Monday that a new version of its hot-selling iPhone would be launched later this month and that the price of an earlier model was dropping to 99 dollars. [Justin Sullivan/CCTV/AFP/Getty Images]

The new iPhone 3G S looks a lot like previous ones, but will have a faster processor, longer battery life and sought-after features like an internal compass, a video camera and a still photo camera with better resolution and auto-focus.

Apple's top marketing executive told the conference the "S" stands for speed. The latest iPhones go on sale in the United States and a few other countries on June 19th and will be available in much of the world by August 8. The price? Between 200 and 300 US dollars!