Our take: When Apple first introduced the iPhone, just five years ago, critics claimed the risky move into smartphone technology was one that would not pay off for Apple. Critics believed the iPhone was too expensive and would ultimately flop.

Almost overnight, the iPhone transformed Apple's corporate image. It helped turn a company known primarily as computer maker with a popular portable music player and digital media service into a dominant player in the cellphone business. The arrival of the iPhone also turned out to be bad news in bells for rivals with years more experience, including the likes of Microsoft, Palm, Nokia, and Research In Motion, who appeared hopelessly out of touch and lead-footed as shoppers voted with their pocketbooks for Apple's iPhone.

Over the years, Apple has maintained a steady drumbeat of updates that build on top of the original iPhone. That includes making the phone physically slimmer, as well as improving the various hardware components.