Update: Added some video of the announcement below.
Update 2: Apple's just announced that it'll release from June 24 in the US and UK, plus France, Japan and Germany. No price point in the UK yet, but 3GS has gotten a price-cut to $99. iPhone 4 itself will begin from $199 for the 16Gb in the US, with $299 for 32Gb. Pre-orders begin a week tomorrow.
Original: Apple's revealed tonight, to everyone's surprise, iPhone 4 during the company's WWDC.
According to Joystiq, its screen will be four times the pixel density as the previous model, iPhone 3GS. That's roughly 78 percent of the density seen on the iPad, with about 326 pixels per inch.
CEO Steve Jobs also said that current apps and games will look better with iPhone 4, but will also be optimized to fit the screen.
The new phone also has an A4 processor, which also powers iPad. It'll also have a gyroscope, which gives it "full pitch/roll/yaw sensing in 3D space," according to Joystiq, making it "perfect for gaming" according to Jobs.
As far as any games go, Jenga was shown off, while Guitar Hero and Farmvile [God help us all - JC] are al to be added to the App Store. GH is available now for $2.99, while FV is out at the end of June.
Catch a liveblog of the action over at Engadget.