Its new Retina display is the highest resolution display ever built into a phone, resulting in crisp text, images and video.

In addition, iPhone 4 features a five megapixel camera with LED flash, HD video recording, Apple’s A4 processor, a 3-axis gyro and up to 40% longer talk time, in an all-new design of glass and stainless steel that is the thinnest smartphone in the world.

iPhone 4 comes with iOS 4, the newest version of the world’s most advanced mobile operating system, which includes over 100 new features and 1500 new APIs for developers. iOS 4 features multitasking, folders, enhanced mail and Apple’s new iAd mobile advertising platform.

“iPhone 4 is the biggest leap since the original iPhone,” says Apple CEO Steve Jobs.

“FaceTime video calling sets a new standard for mobile communication and our new Retina display is the highest resolution display ever in a phone, with text looking like it does on a fine printed page.”

FaceTime is as mobile as your phone, so you can see your loved ones and friends anywhere there is Wi-Fi. Using FaceTime is as easy as making a regular voice call, with no set-up required.

iPhone 4 will be available in the US, UK, France, Germany and Japan on June 24.