So the rumors and leaks were true and Apple has split the iPhone product line into the flagship 5S and the new, multicolored 5C model.
The 5S has some nifty new tricks but the iPhone 5C is hardly "entry level" itself, using similar or even in some cases upgraded hardware from the iPhone 5 it replaces. So what are the key things to know about it?
Painting the phone many shades
This is the first time Apple has made a colored body version of the iPhone that isn't just black or white. The 5C comes in green, white, blue, pink and yellow versions, though each retains the same black fascia.
They are made of hard coated polycarbonate plastic which means they should be rather more scratch-resistant than the iPhone 5 they replace. Obviously, this doesn't mean you won't still need to take care of it.
Remember, always wear protection
Apple created some of its own cases with "soft feel silicon rubber" just for the iPhone 5C. These are interesting to look at, with a series of holes in the rear surface to allow the color of the phone to show through.
Since the 5C is a slightly different size and shape to the iPhone 5, existing cases almost certainly won't fit but you can expect to see a slew of new 5C cases on the market very soon.
Do bear in mind the cost though - each one will set you back £25, $29, $AU39. You do get six colors to choose from though.
It's hard as nails
The iPhone 5C may look cuddly but it's actually made of a single piece of polycarbonate plastic inside which is placed in a steel reinforced structure that provides strength and also works as the phone's antenna.
On the exterior it's treated with a multiple finishing process including a hard lacquer coating, so it should be pretty good at resisting smaller knocks and scrapes.
Decent specs inside
The iPhone 5C has broadly similar internal components to the iPhone 5, using the same A6 processor and a 4-inch Retina display. That means that even though it's now Apple's more entry-level fullscreen phone, it has essentially the same power as the flagship model it has just replaced.
Even though the new 5S with its new A7 chip looks like it is really quick, the A6 is still a very snappy processor and will provide a great user experience for the vast majority of people.
Better battery life
The iPhone 5C has a slightly larger battery than the iPhone 5 it replaces. This is partly because Apple doesn't necessarily feel the need to keep slimming down this particular model, guessing correctly that many people actually value better battery life over extreme thinness.
This is great news for any 5C owner since it should mean more standby, talk time, browsing and general use before you have to recharge.
Feel free to snap, happy
The iPhone 5C uses the same 8MP camera as the recently discontinued iPhone 5. That's a pretty great camera, with a hybrid IR filter, backside illumination and a five element lens.
The camera app in iOS 7 also has some new capabilities so the camera will continue to be one of the best you can get in this kind of price range.
Time for FaceTime
The 5C has a new FaceTime HD camera that uses a higher resolution and also supports FaceTime Audio, a new feature coming in iOS 7 that will allow audio-only calls over wireless or cellular networks.
So no more video calls at funny angles unless you want them. A higher quality FaceTime camera means smoother and clearer video chats, and other software like Skype should be able to take advantage of this, too.
There's lots to connect you
4G / LTE networks are the coming, delivering faster on-the-go data connectivity.
The 5C supports more LTE bands than any other smartphone, has dual band Wi-Fi and also uses low power Bluetooth 4.0 - perfect for low-power communication between devices. This could possibly include Apple's rumored Smart Watch in the future.
Faster Wi-Fi is great because it means you can use 5GHz as well as 2.4GHz networks for faster file transfer or browsing.
It's tailored to you, sort of
iOS 7, which the iPhone 5C will ship with, has been specially designed to integrate with the new phone models. So for example, the wallpaper will change to match the color of your phone's body.
It will also allow all the great software features you'd have got on the iPhone 5 like AirDrop, for quickly transferring files between devices by using an ad-hoc wireless network.
When, where, how much?
The iPhone 5C will be available to pre-order on September 13 and available to buy on September 20 in the U.S., U.K., Australia, Canada and six other territories.
If you want a SIM-free iPhone 5C it'll set you back $549, £469, AU$739 for the 16GB version and $649, £549, AU$869 for the 32GB model.
Carriers will offer them for the iPhone 5C for less if you sign up for an 18- or 24-month contract, which effectively subsidizes the cost of the handset.