16GB iPhone is out now.

Picture found at official web is below.

It would cost additional $100 than the previous 8GB version. So now two versions of iPhone are available; one with 8GB for $399 and 2nd having 16GB of memory for $499, a good news for iPhone potential customers that now they can have double of the capacity to store their stuff.

Changes announced includes just memory expansion (from 8GB to 16GB) means no 3G or GPS added. So less purchasing trend in existing customers is expected.

Upcoming models, that would surely take months, may include GPS, 3G with 32GB and 64GB of memory