After many months of rumors and speculation, Steve Jobs has officially introduced today the iPhone, which in Jobs’ words, is an amalgamation of a touch screen iPod, a reinvented concept phone and a revolutionary internet navigator.

The whole keynote delivered by Steve Jobs at Macworld is available for viewing online at Apple.com. The iPhone boasts itself as being a physically keyless mobile handset, relying on its patented touchscreen technology for input. It’s accelerometer feature, allowing it to behave according to its vertical or horizontal orientation, is also another interesting feat. And as with all Apple products, its elegant design indeed outshines its smartphone competitors such as the Palm or the Blackberry.

You can expect the iPhone to perform well when it comes into production, as the stocks for its competitors Research in Motion (RIMM) and Palm (PALM) both dropped more than 5% today, while Apple’s shares (AAPL) soared up by 8% , shortly after the announcement was made.