UPDATE: Check out the full iPhone 5S release date, specs, and price right here

UPDATE: Check out the full iPhone 5C release date, specs, and price right here

Apple’s iPhone release event is set to take place today at 1pm ET/ 10am PT and you can watch it live stream here. Just last week Apple dispatched invitations for an event billed as “This should brighten everyone’s day,” a subtle hint at what to expect from its next-generation iPhone 5S, iPhone 5C, iOS7, and possibly other surprises. Leaked photos, specs, and rumors have been making the internet rounds for months and now finally we’ll have access to Apple’s latest product line.

The keynote is sure to highlight a number of great product updates but the real draw will be the iPhone 5S, iPhone 5C, and iOS 7. The 5S and 5C are thought to take design cues from their predecessor and, especially in the case of the 5S, carry a number of new functions stemming from the iOS 7 overhaul that was detailed at WWDC back in June. Here’s everything we know and some items you should expect from today’s iPhone release event.

Watch the Apple iPhone release event online at 1pm ET/ 10am PT here:

iPhones

Stealing the limelight today will undoubtedly be Apple’s new lineup of smartphones, the next-gen flagship iPhone 5S and low-cost iPhone 5C. Both will be sporting new colors, graphite and gold for the 5S and a spectrum of neon for the 5C, and both take design cues from the preceding and current-gen device but both need to operate on some kind of platform. Enter iOS 7.

But before we get into the goodies afforded to Apple users via iOS 7, here’s a quick rundown of the iPhone 5S and iPhone 5C specs.

The new iPhone 5S is to come with up to 128GB of internal storage along with a new 64-bit A7 processing chip, certainly a step up from the A6 which produces less wireless bandwidth. It will also carry a 4-inch IGZO display, a 12MP rear-facing camera, dual-LED flash with ƒ/2.0 lens, and a convex home button used to house an authentication fingerprint sensor. Keep in mind that a recent article report thinks the home button will remain concave so be weary. Also be on the look out for 16GB and 32GB internal storage variants and, of course, iOS 7 and all of the features the flagship mobile operating system has to offer.

The iPhone 5C will be similar in size and specs — with a 4-inch display, upgraded camera, and possible inclusion of the aforementioned fingerprint sensor — but is though to have a scaled-back iOS 7 to account for its budget-friendliness. It will also sport a plastic shell in a neon spectrum of colors instead of Apple’s signature anodized aluminum casing.

Both devices are thought to be made consumer available on September 20 in the U.S.

iOS 7

iOs 7 will help to make or break both iPhones as software is where Apple spent a majority of its time tweaking. The entire UI of iOS 7 shifts on an axis when physically shifted by the user in order to give the best possible viewing angle. Even better is that this feature extends beyond the home screen and occurs with all apps.

The comprehensive redesign also includes the new unlock screen with rounded numerals, multiple pages for each app, cleaner typography all around, full screen edge-to-edge photos, ability to swipe between messages or apps, the notifications center available directly from lock screen, and “today view” which shows all that’s on tap for the day from all information saved in iCloud and in your calendar.

Safari for iOS 7 appears to be multifunctional as well, allowing for more than the previous 8-tabs open at once, easily navigabale swiping cues, and improved bookmarking for easy access.

Finally with iOS 7, Apple will have an answer to the naysayers who thought its mobile operating system was dead in the water without NFC capability. AirDrop shows users which friends are in close proximity and makes items easy to share anything–photos, articles, documents, social media, etc.–with multiple friends at once. No need to worry about security either as AirDrop will use securely encrypted peer-to-peer Wi-Fi.

The camera feature will offer a slew of new filters for amateur photographers to salivate over, while the photo app helps to easily manage and share pics, organize photos in albums, and pull out interesting and patterned images that might be of interest to the user.

Early Reviews of iOS 7

Macworld: “iOS 7’s new design is a stunning change to the iOS infrastructure, with layered looks and minimalistic icons. But for those of you thinking, ‘Gee, I might pay $99 for that developer’s kit just to get a glimpse of that new OS interface,’ we’d suggest holding off. Sure, it’s nice catching glimpses of iOS 7 in the Apple keynote, in briefings, and around WWDC parties. But a first beta is still just that: a first beta. We’ve enjoyed what we’ve seen of iOS 7, for sure. But we’ll enjoy it even more in the fall, when all the finishing touches have been made and the operating system is ready for primetime.”

CNET: “As we said before, iOS 7 brings huge changes in the visual department, which is an important part of the way you relate with your tablet or phone. Yet the really substantial, game-changing new features are few and far between. That said, Apple has a history of keeping its most pulse-quickening news for its next iPhone and iPad announcements. For that, we will have to wait until this fall.”

The Verge: “Apple is showing that it can adapt, borrow, and tweak ideas from the competition, that it can expand what iOS feels and looks like as well as what it can do. The problem now is that it seems to be buckling a bit under the weight of an end-to-end redesign. I’m hopeful that in the next few months, as Apple ramps up for the introduction of new hardware at its fall event, some of the design and functionality issues that have yet to be addressed will be nipped and tucked.”

GSMArena: “What’s important is that the OS doesn’t get in the way as was the case last year. iOS 7 is not only cool enough to keep people interested over the next months, but it also sets up properly for the launch of the new generation of iDevices in the fall. Apple’s done with buying time, and back to investing in the future. Let’s hope the hardware to come in a few months’ time will keep it up.”