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New iPhone Due July 11

At San Francisco's Worldwide Developers Conference, CEO Steve Jobs unveils a sleeker design, improved audio, and lower prices for Apple's revamped wonder gadget.

Just moments ago, gadget guru and Apple CEO Steve Jobs unveiled the latest edition of Apple’s iPhone, the iPhone 3G, during a lengthy presentation at the 2008 Worldwide Developers Conference in San Francisco — and version 2.0 is set to arrive with plenty of perks.

Among other specifics, the iPhone 3G features a sleeker design, improved audio and battery capabilities, faster load times, and — most importantly — lowered prices. An 8 GB model will cost $199 (down from the previous retail price of $399) while a 16 GB model will set you back $299. The 16 GB model will also come in classic Apple white.

Also addressed in Apple’s multi-faceted presentation — albeit very vaguely — is a new third party software called Band, created by Moo Cow Music, which enables musicians to use a “collection of virtual instruments for creating music from scratch,” said Mark Terry of Moo Cow Music, according to

Start saving your pennies: The iPhone 3G will be unleashed on 70 countries July 11.

>> Watch the new iPhone commercial []

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