During Apple’s annual World Wide Developers Conference, Phil Schiller took the stage to introduce an update to the iPhone called iPhone 3GS bringing faster processing capabilities, faster data connection and a video camera.

Many of the Blog-o-sphere’s previously circulated rumors held up today as the new iPhone came sporting a magenetometer (digital compass), video recording capabilities, increasead storage, voice recoginition, longer lasting battery, Nike+ support, faster data speeds (7.2Mbps HSDPA) and a much faster processor. While Apple touts the iPhone 3GS being twice as fast as its predecessor, we’ll have to wait for a tear down on what kind of Hardware Apple chose to build the iPhone with. As for availability, June 19th marks the iPhone 3GS’ official launch date in 6 countries (including the US) and expanding beyond that the week after. For newcomers, the current iPhone 3G will be marked down to $99 and the 16/32GB iPhone 3GS (white and black) will be $199 and $299 respectively. Those not eligible to upgrade will have to pay $100 extra.