"Whats that you got there?"

Apple's Steve Jobs calls the new iPod nano "an entirely new ground-up design, that also has 1000 songs in your pocket." The white device features a color display and can support photos, uses a grey click wheel to navigate, and is 80 percent smaller in volume than the original iPod -- thinner than a number two pencil, said Jobs. The iPod nano weighs 1.5 ounces or 42 grams.

It features a 14-hour rechargeable battery. The iPod nano also features a new graphical clock, games, stopwatch and lap timer, and a screen lock that uses the click wheel like a combination lock.

Compared to the iPod mini, the iPod nano is half the thickness and 62 percent smaller by volume.

"White is our signature color for the iPod ... but we decided to so a second color, and we tried it because it looked so cool," said Jobs, "so we're doing a black model as well." Read more...