Christmas comes but once twice a year, my friends, so let’s unwrap our present. Apple’s homepage is already adorned with splashy features on the new iPhone 4, but if you don’t have time to enjoy your gadget porn at leisure, scroll through Gizmodo’s bullet-point rundown of all the new features. The design is sleeker and more efficient — Steve Jobs claims it’s the thinnest smartphone on the planet, with a metallic rim that serves as an antenna to improve connectivity — and it’s got a new processor (same as the iPad’s), a better battery, an improved camera, a vastly sharper screen display, and even a damned gyroscope to make it competitive with gaming platforms like Nintendo’s. In other words, whereas recent iPhone upgrades have mainly been tweaks of the original (3G, GPS), this one’s a true upgrade in every sense. But the key advance? A second camera on the front of the device will enable video calling, a demonstration of which you’ll find below via Slashgear. HTC and Sprint rolled out a dual-camera model of their own recently, so Apple really had no choice. Viva competition!

The 16GB model will run you $199 and the 32GB another $100 beyond that; if you plan on using this as a substitute for a Flip camcorder, with lots of memory-hogging video recordings, then the choice is clear. As for me, I can’t wait to finally see the Domino’s guy’s face when I place my nightly order. Knowing who it is who’s putting your pie under the heat lamp always makes it taste better, no?

Update: CNN got a chance to test out video chat. I’m embedding that video below too.