At last, Apple (or rather Steve Jobs) reveals the rumored iPhone and Apple TV (instead of iTV) together with a name-change to Apple Inc (from Apple Computer Inc) – a great moves which bring applause to Wall Street, and me of course. I actually bought April 2007 85.0 Call Option about 2 hours into the trading yesterday. Out of fear (I’m just another human-being), I didn’t buy a lot as there’re equal chance of Jobs not unveiling anything so revolutionary.

Captain Steve looks like a God to many – with this iPhone introduction, an estimated USD6 billion was created instantly when Apple Computer’s (Nasdaq : AAPL, stock) shares jumped $7.10 to close at $92.57 on the Nasdaq Stock Market with 4 times the average volume. I was taken by surprise that the phone is called iPhone (despite Cisco (Nasdaq : CSCO, stock) own the trademark name under Linksys since 2000) so I guess Steve has already talked and almost agreed to some sort of agreement with Cisco on the name.

Steve estimates the new iPhone would take away about 1% of the current cellular phone pie of about 960 millions – meaning 10 millions iPhone sales to Apple in 2008 which I think is pretty good and achievable after I saw the iPhone and the functionalities (virtually). iPhone will operate exclusively on AT&T Inc.’s (NYSE : T) Cingular Wireless network for the time being. The cost of $499 on 4-GB model and $599 on 8-GB model is rather on the high-side but if you happen to carry a smart-phone and an iPod, it makes great sense to only carry one iPhone. Anyway since it’ll only available in June-2007, you have lots of time to consider it.

I’m impressed with the graphic and the cool animation of how the iPhone functions. Instead of stylus, what you need is your little finger to touch a name or number to make a call – conference calls is easily done as well. Visual Voicemail allows you to go directly to any of your messages without any particular order. The SMS application with the nice-looking QWERTY soft keyboard makes this baby more reliable than the small plastic mechanical keyboard. Built-in 2-megapixel camera and photo management software makes you want to own this iPhone immediately – of course you can sync it with your Mac or PC. Take a virtual demo at here. You need QuickTime to view though.

The phone supports Wi-Fi and Bluetooth wireless technology and can detect location from Global Positioning System satellites. Apple is partnering with Yahoo Inc. (Nasdaq : YHOO) on Web-based e-mail and Google Inc. (Nasdaq : GOOG, stock) on maps. I like the wide-screen design (3.5 inches diagonally) with the body of 4.5 inches high, 2.4 inches wide and less than a half-inch thick – embedded with slimmed-down of Mac OS X operating system.

While Apple emerge hero, its competitors such as Research in Motion (Nasdaq : RIMM, stock) and Palm (Nasdaq : PALM, stock) suffered when the stocks price dropped by $11 (7%) and 84 cents (5%) respectively. Motorola (NYSE : MOT, stock) and Nokia (NYSE : NOK, stock) also suffered the same fate when dropped by about 1%.

If you are residing outside of United States, then the iPhone will available to you in 2008 only (Europe & Asia). Anyway I think I need to lock-in profit with my Call Option today – but somehow the internet is so slow. Some of the photos captured by engadget who has been keeping realtime-update of the whole session during the period Steve Jobs took to the stage: