Just as the proverbial dust has begun settle on the original Apple iPhone, Apple has officially announced today that the iPhone 3G (third generation) is on it's way.

This new quad-band mobile device will provide users with fast Internet access over tri-band HSDPA. The iPhone 3G will automatically toggle between Wi-Fi, 3G and EDGE which aims to make multitasking between voice and data a non-event.

Running the iPhone 2.0 software this highly anticipated handheld will support Microsoft Exchange ActiveSync and will run third party applications built with the iPhone SDK. Built-in GPS capability will offer the ability to do real-time mapping. Additional features include improved audio, a flush headphone jack, an integrated camera and full Wi-Fi connectivity.

The 3G will make use of MobileMe, an Internet service that pushes email, contacts, and calendars to applications on the iPhone, iPod touch, Macs and PCs. Additionally, users can take a photo and post it directly to a MobileMe Gallery.

The iPhone 3G promises 10 hours of talk time on 2G networks (and 5 hours on 3G), with up to 5 to 6 hours of web browsing, up to 7 hours for video playback and up to 24 hours for audio playback.

The standard 8GB black case model is set to sell for $199 while a 16GB white case optional model will retail for $299.