iPhone 5 Release Date: LIVE - Tim Cook Teases Crowd at 'Let's Talk iPhone' Event

Apple's "Let's Talk iPhone" media event is under way and new CEO Tim Cook has taken to the stage.

Cook's introduction to the press conference has made it clear that if the iPhone 5 is to be unveiled today, there will be an extensive build up to the main event.

“Good morning, this is my first product launch since being named CEO,” Cook said.

"I love Apple. And I consider it the privilege of a lifetime to have worked here almost 14 years to work in this new role."

First, details about various Apple store openings were discussed.

Then details about MacBooks and iPods were discussed.

Finally, Cooks has begun to divulge about the iPhone.

“This is probably why most of you are in the room today,” Cook said at 10:15 a.m. PST.

"The iPhone is pummeling the competition,” he said, noting that the device has had "extraordinary growth," and that customer satisfaction for the iPhone is very, very high.

Quoting Changewave and JD Powers customer satisfaction surveys, Cook details that 93 percent of the Fortune 500 are testing or deploying the iPhone.

Sources covering "Let's Talk iPhone" have noted that AT&T Mobility CEO Ralph de la Vega has been spotted on Apple’s campus, tinkering with his iPhone 4.

They speculate that he could be present to assist in unveiling the iPhone 5 on the AT&T network.