Well folks we weren’t too far off with the naming of the next generation iPhone as Steve Jobs has just announced that the new device is called the iPhone 4, which makes sense as it can’t run on a 4G network.

According to the Engadget live blog, the new iPhone 4 will have over 100 new features; however the Apple chief is only going to cover 8 of those features for now.

First up is the all new design, which Steve says “I don’t know if you’ve ever seen this.” Obviously meaning the iPhone prototype leaked by Gizmodo.

The new iPhone 4 is 24 percent thinner than the iPhone 3GS, and apparently the thinnest smartphone on the planet. The iPhone 4 sports that front facing camera, micro SIM tray, noise cancellation mic, stainless steel, glass on front and back, increased pixel density.

Oh, apparently there is some problems as Steve can’t show us much today, speaks well of the new iPhone 4 doesn’t it? Ah they got it working…apparently IPS tech is “Quite a bit better than OLED.” Apparently it’s all down to what they call Retina Display which delivers “awesome text,” “awesome images and awesome video.”