Apple announced its next-generation smartphones and a slew of other products its annual press event on Wednesday.

Iphone 7 fouses on photograph: Apple's new iPhone 7 and iPhone 7 Plus are water resistant, and have improved cameras.

The iPhone is Apple's break and butter. The company has sold over 1 billion of the devices since it lanuched in 2007, according to Cook. The latest version isn't a huge departure from the iPhone 6S, but it has a few key upgrades.

It's water and dust resistant, which is dan improvement over " easily killed by water."

The larger iPhone has two side-by-side cameras. One is wide angle and one is telephoto. It gives users 2x optical zoom and 10x digital zoom.

The Home buttom is now force sensitive. Instead of knowing you presssed the buttom because it clicked, it will vibrate. Apple marketing chief Phil Schiller said the revolutionary new buttom is "creating new feelings and experiences that could not have been created before."

The iPhone 7 now comes in two new colors: a high gloss jet black finish and a matte black. It's also still available in gold, silver and rose gold (yes, pink).

The new iPhone will be available September 16 and start at $649. And, finally, the 16GB entry level version has been nixed. The new phones will come with 32GB, 128GB and 256 GB of storage.