Smartphones have come a long way since the first iPhone launched in 2007. The latest models are essentially portable computers, and they're only going to get more powerful.

Like a computer, smartphones aren't just about hardware. You also have to think of the software. In this case, that means apps. It doesn't do you any good to have blazing-fast hardware and nothing to run.

See a comparison of the best smartphones here.

Apple

The iPhone 5 is the latest and greatest smartphone from Apple. It has a new, larger 4-inch screen, a blazing fast A6 processor, dual-band Wi-Fi, 4G cellular and a new, smaller connector. Battery life, according to Apple, is also improved over the iPhone 4S.

The cameras have seen an upgrade with improved optics and image processing, although the resolution is still 0.3 megapixels (front) and 8 megapixels (rear). Don't forget - with a few additions, you can turn your iPhone into a high-end camera.

Storage is the same as the iPhone 4S, with 16-gigabyte, 32-gigabyte and 64-gigabyte models. Even with all that, it's 18 percent thinner and 22 percent lighter than the iPhone 4S. But it keeps the same prices of $199 (16GB), $299 (32GB) and $399 (64GB).