Steve Jobs is currently on stage in California showing off the latest iteration of the top smartphone on the market; the iPhone.

The iPhone 4 (as they've imaginatively named it), takes the normal formula served up by Apple and improves upon it with a frame which is 24% thinner than the iPhone 3GS, along with glass on the front and back (the black surface on the back is also made of it).

The aluminium band around the side of the device is actually the antenna, which means that the design on the front and back remains unspoiled, and it should offer a larger surface area.

You've also got a screen with 4x the pixel density, and a lot more features still being announced.

Update 1: Video is coming to the device. 720p HD at 30fps, with the LED flash (oh yes, they've finally added on) staying on in low-light conditions throughout filming. There's also going to be iMovie for iPhone which will allow on-the-fly editing of videos.
Looks pretty slick.

Update 2: They're also renaming the iPhone OS4 to iOS 4, simplified with the handful of devices now running it.

Check out the gdgt Live Blog to keep abreast of the latest news from the conference.

Image via gdgt