Today marks the kickoff of Apple’s iPhone release event where the next-gen iPhone 5S will finally be put on display after months of rumors, photos, and leaked details. Taking place in Cupertino, CA at 10am PT/ 1pm ET, Tim Cook and his team of executives will take the stage and showcase what the Apple faithful have been gossiping about since the release of the iPhone 5 last year. And with so much speculation having been passed around in the time leading up to today, here’s what you can expect from Apple’s iPhone 5S.

The iPhone 5S is expected to be equipped with a number of brand new features, some courtesy of iOS 7 which is also thought to make an appearance today. One of the most discussed, though, has been the fingerprint sensor embedded within the home button. Nobody really knows what it’ll be used for but photo leaks have brought it to light. The likely scenario will be that the fingerprint sensor will act as some kind of authentication measure to bolster security.

But I’m guessing there’s more than meets the eye. I’m thinking that Apple will take this idea one step further and somehow figure out a way to make the fingerprint authentication process applicable and syncable across all Apple products or all Apple applications. For example after using the sensor passwords for iCloud, or iTunes, or the Apple Store will be unnecessary if the user’s fingerprint is authenticated via the sensor.

As for the other specs, none have been officially confirmed designs and features are taken mostly from snapshots and spec leaks. It’s thought the device will be comparable in size to its predecessor measuring in with a 4-inch IGZO display, a 12MP rear-facing camera, dual-LED flash with ƒ/2.0 lens, the aforementioned fingerprint recognition technology, 2GB of RAM, and Apple’s new A7 processor.

The usual 16GB and 32 GB variants will be made available but there’s also been talks of a 128GB version, the first of its kind. Why Apple needs to produce a device with so much storage space is unclear at this point, but seems almost useless. I mean, does anyone ever really need that much storage on their smartphone?

Apple will also be introducing graphite and gold color options to go along with its traditional black and white. This is Apple’s first foray into colors that aren’t black and white, so it’ll be interesting to see how well they sell in comparison to its signature color scheme.

Apple’s iPhone release event is taking place today at 10am PT/ 1pm ET. Stay tuned to BostInno for the latest details and live coverage as we’ll be live streaming the Cupertino showcase from our homepage.