As expected, Apple has finally rolled out its long rumored 16GB iPhone, doubling the memory found in the present 8GB model, and bringing feature parity between iPhone and its carrier castrated cousin the iPod Touch. Aside from the much needed memory boost no additional features have been integrated, such as 3G wireless, which is rather disappointing given the new product's higher price tag.

The new iPhone goes on sale today and will retail for $499. The 16GB model takes its place alongside the 8GB model (which remains at $399), and will not replace it, according to Apple. You can found out more after the jump.