Colorful iPhones have arrived.  The rumors are true – today Apple revealed the iPhone 5c, complete with a range of colorful skins to choose from. It will be available in green, white, blue, red, and yellow, made with hard polycarbonate.  You won’t see where the glass ends and the case begins.  This looks to be Apple’s answer to Motorola’s and Samsung’s growing customization options with their recent smartphone launches.

Priced too low?

But fresh colors aren’t the only way Apple’s seeking mainstream appeal with the long-awaited iPhone upgrade – the price of the 5c is surprisingly accessible for an Apple product, starting at just $99 for 16GB with a two-year contract.  Equally as attractive is the price tag for the 32GB iPhone 5c, at $199.

With a brand new iPhone at such a cheap price, Apple CEO Tim Cook may very well be kicking the iPod Touch to the curb, considering a full-fledged smartphone now costs the same as the less functional music player.  Will the iPod Touch be discontinued all together, or will it, too, get even cheaper?

The kicker, of course, is the polycarbonate casing Apple’s using with its iPhones now, trading the more durable (and pricier) aluminum shell for reinforced plastic.  It’s quite a trade off for Apple, known historically for its allegiance to higher quality products than its rivals.

The iPhone 5s

The Apple launch event is still taking place, and Cook hasn’t gotten around to details on the iPod Touch just yet.  But we do have some emerging details on the rumored second iPhone to launch today – the upgraded iPhone 5s.

So far we know the 5s will be available in silver, gold and space gray (translate: black, white and gold, but thanks for the fancy names, Apple).  The home button has been modified, no longer featuring a square.  The new 5s will retain the glass and metal band design in the back.

Both iPhones promise better battery life, a feature consumers have been demanding for well over a year.

Stay tuned for ongoing coverage of Apple’s event today, and see here for our previous coverage on Apple, from product rumors to analysis on how the Cupertino company can set new standards with an improved service model.