Apple introduced the new iPhone 3G at the WWDC conference in San Francisco earlier today.  Highlights of the new device include:

• LOWER PRICE: $199 (8GB Black model) / $299 (16GB)
• Available July 11 Worldwide
• Available in Black and White
• Available in 22 countries at launch, 70 countries by end of 2008
• 3G Data Support
• A-GPS with live location tracking
• Thinner at the edge with  full plastic back, and solid metal buttons
• Flush-mounted headphone jack (Hurrah!) and improved audio quality
• New iPhone Software 2.0 with Third Party apps and optional me.com support
• Full Exchange support with secure VPN
• Battery Life (according to Apple):
  
  • 300 hours standby.
  • 10 hours talk time (2G) -- 25% increase over first iPhone.
  • 5 hours 3G talk time is 5 hours -- Apple claims 66% more than other 3G phones.
  • 5-6 hours of 3G browsing.
  • 7 hours of video playback
  • 24 hours of audio playback

Full Specs (from Apple.com):

Specifications

Screen size
    3.5 inches (diagonal)
Screen resolution
    480 by 320 pixels (163 ppi)
Input method
    Multi-Touch
Storage
    8GB and 16GB1
Cellular
    UMTS/HSDPA (850, 1900, 2100 MHz)
    GSM/EDGE (850, 900, 1800, 1900 MHz)
Wireless data
    Wi-Fi (802.11b/g)
    UMTS/HSDPA (850, 1900, 2100 MHz)
    EDGE (850, 900, 1800, 1900 MHz)
    Bluetooth 2.0 + EDR

GPS
    Assisted-GPS
Camera
    2.0 megapixels
Battery2
    Talk time: Up to 5 hours on 3G;
    up to 10 hours on 2G
    Standby time: Up to 300 hours
    Internet use: Up to 5 hours on 3G;
    up to 6 hours on Wi-Fi
    Video playback: Up to 7 hours
    Audio playback: Up to 24 hours
Dimensions
    4.5 by 2.4 by 0.48 inches
    (115.5 by 62.1 by 12.3 mm)
Weight3
    4.7 ounces (133 grams)