The biggest news of the day is probably the unveiling of Apple Inc's new iPhone. Instead of the slower EDGE networks used by the first generation iPhones, the new iPhones can now use the speedier 3G networks that is roughly 2.4x faster by Apple's estimates.

Not only that, the new phone will have GPS as well as accelerometers and ambient light/proximity sensors built in.

The GPS is self-explanatory, but its usefulness will be unleashed by the applications built around it.

The accelerometer is a motion sensor that allows you to control navigate by physically tilting and rotating the iPhone. Games that take advantage of the control scheme immediately come to mind.

The ambient light sensor automatically detects the ambient light and adjusts the display brightness while the proximity sensor knows when you're holding the phone to your ear, which will then turns off the display to save power and to prevent inadvertent touches.

The most impressive feature is probably the price. $199 can get you the 8GB model. The bad news: two years contract with AT&T required and it won't be available until July 11.