Apple debuted its much anticipated iPhone, a sleek device with a large screen that combines a phone, an iPod and instant messaging in a new push beyond computers that sent its shares to a new record.

The iPhone is thinner than some of the cellphone industry’s sleekest devices, such as Motorola Inc.’s RAZR. It will cost $499 to $599 when it debuts in the United States, and is expected to hit Europe in the fourth quarter and Asia in 2008.

Cingular Wireless, the No. 1 U.S. wireless network and a unit of AT&T Inc., has a multiyear, exclusive agreement to provide U.S. service for the iPhone.

Jobs predicted that in 2008 Apple could sell 10 million iPhones, representing roughly 1 percent of the current annual mobile phone market of 1 billion units a year. Last year, the consumer electronics market globally was worth $145 billion.

Check out Apple’s DEMO. If this phone works as good as it looks it is a masterpiece.

  • Dirty North

    i have lost phones, they better have 100%insurance if i lose this