5 Key Takeaways From Apple's Event

Apple packed a lot into a press event Wednesday that saw CEO Steve Jobs storm the stage at the Yerba Buena Center for the Arts In San Francisco.

The event, which was focused mostly on Apple's music and video products, saw a host of new releases and some retreads on old ones. Here are five key takeaways from Apple's event this week.

1. Apple TV gets a massive makeover. Apple TV got a much-needed refresh after current versions stagnated. The new version of Apple TV, which now runs just $99, offers rentals of high-def TV episodes for less than a buck -- 99 cents, to be exact -- and HD movies for $4.99. The device only streams content, it does not feature any internal storage. Meanwhile, Apple is working with TV networks and movie studios for content and is giving Apple TV users the ability to stream content from their Netflix Instant queues and content from YouTube, Flickr and MobileMe. The revamped Apple TV represents a massive price reduction compared to its predecessor, which ran $229. The new Apple TV is expected to hit stores in coming weeks.

2. Did you hear a Ping? All jokes aside about how much it sounds like Microsoft Bing, Jobs and Co. also showcased a new social networking service called Ping. Ping will be features in the latest version of Apple iTunes 10, the company's music and software delivery platform. Ping lets users create profiles, find and follow friends and artists and share their musical tastes with others. Jobs compared Ping to an amalgamation of Facebook, Twitter and iTunes, calling it "a social network all about music." The Ping service will only be available through iTunes and in the iTunes app on Apple mobile devices.

3. The iPod will never die. Apple's Wednesday event was also a sign that Apple will never let the iPod die. The event saw a new edition of the iPod Touch that borrows features from the iPhone 4 and features such iPhone 4-esque functions like the Retina display, video calling through FaceTime and HD video recording. It also ties in the latest version of iOS, a 3-axis gyro and a rear-facing camera and microphone. Two versions of the new iPod Touch will be available this month and run $299 for the 32 GB and $399 for the 64 GB. Meanwhile, Apple updated the iPod Shuffle to add two new clickable buttons, VoiceOver technology that tells users what song is playing, and longer patter life. The new Shuffle will run $49. Lastly, Jobs showcased a new iPod Nano that clocks in at half the size and weight of its predecessor, features a touch-screen and adds an FM radio. The new Nano is $149 for the 8GB and $30 more for the 16 GB.

4. iOS 4.1 is coming. The latest iOS, version 4.1, will be used in the new iPod Touch, meaning the software update is also coming for iPhone. According to Apple, iOS 4.1 will be available for free download next week for all iPod Touch and iPhone users. The OS update is expected to fix proximity sensor bugs and issues with Bluetooth in the iPhone 3G, along with fixing issues with sluggish performance in older iPhone models. Other new features in iOS 4.1 will include high dynamic range (HDR) photos, Game Center, uploading HD videos over Wi-Fi and TV show rentals.

5. Oh, and iOS 4.2 isn't too far off, either. While iOS 4.1 was just announced, Jobs told the crowd that Apple iOS 4.2 should be ready come November. Early details reveal that it will add iOS 4.X support to the iPad and add capabilities like wireless printing and AirPlay. iOS 4.2 will be available for the Apple iPad, iPhone and iPod Touch.