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**Editor's note: Please click here for our list of August's hottest selling smartphones to see how the iPhone 4S stacked up against the competition.**

After waiting more than a year for it to be released and — in some cases — spending hours in line to purchase one, consumers finally got their hands on the iPhone 5 Friday.

Whether or not the new owners agreed with Philip Schiller, Apple's senior vice president of worldwide marketing, who described the iPhone 5 as "the most beautiful consumer device we've ever created," there was no doubt they had plenty of new features to explore.