The day we've all been waiting for has finally arrived. Apple is finally about to put an end to the widely circulated rumors as the company unveils the next iPhone update. As we near Apple's 10 a.m. PT/1 p.m. ET event in California, let's take a look at some things to expect:

  • Two iPhones? Apple is expected to pull the tarp off two different iPhones today as opposed to the usual release of just one. As we have heard in the rumor mill, there is expected to be an iPhone 5C that will be cheaper than a more expensive iPhone 5S.The advantages to the more expensive phone include a new A7 chip that would serve as an upgrade from the previous iPhone 5. Leaked photos have shown a variety of color options for the cheaper phone, which is said to be Apple's way of offsetting the international competition that has started to cut into the company's sales. Apple looks to take control of the Asian markets where competitors have already offered cheaper phone options. There are still some unconfirmed questions swirling around these phones, however -- such as whether the cheaper iPhone will even be released in the U.S. Just a few days ago, the New York Post hinted that the iPhone 5C could be sold exclusively in China. We'll have to wait and find out the answer from Apple today. 
  • Fingerprint scanner: The rumor that the next iPhone will be the first to feature a fingerprint scanner has been reported through a number of leaks in the time leading up to today's event. As recent as this week the Wall Street Journal has seemed to confirm this rumor. The significance of this means that we could see a completely different way to access the phone instead of the usual 4-digit passcodes. Security would be improved at a great time since smartphone theft is reportedly on the rise.
  • Camera: The iPhone 5S is expected to have a Dual LED flash. If this is the case, the new iPhone would be able to take photographs that are in tune with the scene where the photo was taken.
  • Carriers: Apple is expected to launch the next iPhone on all four major U.S. carriers, according to a Bloomberg report. Long gone are the days when people would switch carriers just to get access to the iPhone; now the phone is more accessible than ever for American users.

There is plenty of speculation about more things to come in the next generation of the iPhone, but we're just hours away from hearing it from the top. We can finally say goodbye to the rumors and say hello to the official start of a new chapter in iPhone history.