After all the rumors, speculation, hype and conjecture, the world will finally get a glimpse of the new iPhone Tuesday. As they do every year, Apple fanatics and the tech media have worked themselves up in a frenzy over what Apple's engineers and executives have been secretly constructing in Cupertino, Calif.

Intense interest over Apple (AAPL) products has inevitably led to leaks -- Apple never confirms nor denies the rumors -- and this year's rumor roundup is no different. Photos of the "new" iPhone have been tweeted, blogged and widely disseminated on the web.

Related: Smartwatches: Why They're Not the New Smartphone

Here's what consumers should expect from Apple this fall: two iPhones -- the 5S and the 5C -- the latter being a "cheaper" phone made of plastic and available in all colors of the rainbow.

Andreas Hinterhuber, a renowned pricing consultant, says Apple's pricing power has been declining because of Android competition. “Dramatically lower price points for the next generation of iPhones are thus highly likely," he notes.

In addition to a cheaper phone, the blogger grapevine reveals that the new phones could include the iOS 7 operating system, a faster processor, fingerprint recognition, an improved camera with dual flash capability and more (the 5S supposedly will be offered in a champagne-like color and charcoal in addition to the standard black and white).

Related: Apple's Cheaper iPhone: How Low Will They Go?

Yahoo Finance technology reporter Aaron Pressman told us last week that the buzz around multi-colored plastic cases and new features in iOS 7 shows that "even a few gimmicks could help reverse Apple’s sliding market share worldwide."

Since speculating about the latest Apple devices never grows old, The Daily Ticker roamed the streets of New York City to find out what consumers really wanted in their new iPhone. Watch the video above (Tim Cook, are you listening?).

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