With the latest version of the iPhone to be unveiled later today, rumours about Apple's plans are flying. From the low cost iPhone to the iWatch, all eyes will be on Cupertino today to see if Apple can wow customers and the industry, and win back its reputation as an innovator in the market.

It feels like it’s been a couple of years since a tech launch raised anything near the level of excitement that early iPhone announcements managed. Perhaps it’s down to higher expectations; perhaps it’s just that there is very little else that smartphone makers can cram into the compact handsets that will grab consumers’ imagination.

But a major factor could be the drip feeding of details prior to the event. Despite Apple’s reputation for secrecy, many of the important details of its recent major launches have leaked prior to executives taking to the stage.

And, with fierce competition from Android phone makers such as Samsung bearing down, Apple is under pressure to get devices to as many countries as soon after launch as possible.

Look at how quickly Apple gets devices to users these days. When the first iPhone was unveiled in 2007, it was announced on January 9th, but didn’t go on sale until June 29th.

That cycle was shortened for the iPhone 3G, which was announced on June 9th 2008 and went on sale just over a month later in 22 countries. Its successor, the iPhone 3GS, followed a similar time scale. Then things began to pick up pace. The iPhone 4 was announced at WWDC on June 7th, 2010 and went on sale in selected countries on June 24th. The iPhone 4S was unveiled on October 4th and hit stores 10 days later.

Although the development of the devices usually comes with a high level of secrecy within Apple – there are tales of areas being walled off overnight and people working in windowless rooms to reduce the likelihood that details on new devices will be leaked – still the details are getting out there.

Alleged leaks from Apple’s supply chain in China have claimed to show everything from fingerprint sensors to the new packaging for the latest iPhones.

It’s not just Apple that is having this issue. Samsung’s Galaxy Gear smartwatch was seen online ahead of the event; ditto for the Galaxy S4.

On the whole, the constant leaking of information leaves precious little left to announce at any major product launch.

So here’s what to expect from today’s event:

The iPhone 5S:

Expected to have a similar design to the current iPhone 5, the launch of a 5S would follow Apple’s recent timeline for product launches: a redesign followed by an incremental update. The new iPhone is expected to have a fingerprint reader built into the home button, an improved camera and a more powerful chip. How the home button looks could be set to change too, with leaked photos claiming to show a silver ring around it.

The phone could also get a new colour, with a white and gold option allegedly on the way.

The iPhone 5C:

The budget version of the iPhone 5, the iPhone 5C is expected to have a plastic case, dumping Apple’s metal housing which has been a design feature since the iPhone 4. The new handset is a departure for Apple, which traditionally used the older iPhone models as their low-cost option. This is where Apple is expected to get a bit more colourful, with photos of the purported handset showing brightly coloured casing.

iOS7:

Unveiled at the developers’ conference in June, iOS7 is a certainty for Apple’s new devices. The updated version of Apple’s mobile software is a new departure for the company, fundamentally changing the look and feel of a software system that Apple has had since 2007. Expect a release date for the full version of the software today.

iPad:

Could the iPad Mini be about to get Apple’s Retina display? Some people seem to think so. But it’s not clear if we’ll hear anything about it today. Last year, the iPad Mini got its own event in October, and rumours suggest that it may well do the same this year, with the next generation of the iPad expected at be unveiled at the same time.

AppleTV:

Rumours that Apple is planning a refresh of its TV device have been circulating in recent days. It’s been a while since Apple announced anything significant in this area; the current smaller version of Apple TV was unveiled in 2010, and a high definition version of the box came out in 2012.

Apple TV is also facing more competition in this area, with Google’s Chromecast offering a budget option to consumers who want to access their media on a bigger screen.

Today is likely to be more about software than hardware though, if anything.

The iWatch:

Samsung may have beaten Apple to the punch on the smartwatch front, but that doesn’t mean the battle is o ver. The iWatch has long been rumoured but has yet to make an appearance. With Samsung keen to get its Galaxy gear out to market, the speculation that Apple may be about to launch something itself is high. But recent reports suggested that design issues with the iWatch could push a launch back to 2014, so today may not yield anything major on that front.

iTV:

Remember a while back when everyone was convinced Apple was on the verge of unveiling a TV set? Those rumours are still going around, but there seems to be little evidence to back them up. If Apple did make an announcement on this today, it would be a surprise – and a headline stealer.