The iPhone 5 was revealed at an Apple press event last week and it introduced a number of improvements over the current iPhone 4S. Reactions were mixed among some people that I spoke to, and most iPhone owners I know seem content to hold onto their 4S. That apparently wasn't the prevailing opinion among all consumers as the iPhone 5 pre-orders sold out in 60 minutes, a fraction of the time it took the iPhone 4 and 4S to do the same. After that time, the shipping estimates were increased from one week to as much as three weeks. Apple didn't release the number of phones that were available for pre-order, so it is possible that there was also a lower quantity than there was for previous launches.