Apple has just announced the iPhone SE, a new 4-inch smartphone that offers a smaller and cheaper option to the company's flagship iPhone 6S and 6S Plus. It's like a mix between the iPhone 5 and iPhone 6 generations of devices, taking the size and design of one and the latest specs and capabilities of the other. Apple calls the iPhone SE "the most powerful 4-inch smartphone ever." The new iPhone SE starts at $399 with 16GB of storage and maxes out at $499 with 64GB. It'll be available in gold and rose gold colors alongside more traditional light and dark options.