Apple has released the iPhone 5C and 5S models. iPhone 5C is just an iPhone 5 with a plastic body. It comes in 5 colors: Green, Blue, Yellow, Pink and White. The iPhone 5S is a newer iteration of the iPhone 5. Notable features include: 2 LED flash lights for camera, Burst mode for camera, Touch ID (Fingerprint sensor in the home button) and a new A7 64-bit processor with a M7 chip to handle motion tracking. The 5S is available in Silver (previously known as white), Space gray (previously known as black) and a new gold color.
The iPhone 5C costs $99 (16GB) and $199 (32GB) on contract. Though almost all carriers in the US are selling it for FREE with contract.
The iPhone 5S retails for $199, $299 and $399 for 16GB, 32GB and 64GB with contract. These are also $100 cheaper if purchased through a carrier.