The Nokia Lumia 1020 was finally revealed last week after months of speculation and "leaked photos," and on July 16 the device officially became available for preorder in the U.S. through AT&T.

Since being revealed many people have been wondering how the new Lumia stacks up against Apple's iPhone 5. Here are some of the most important factors to consider when trying to decide your next phone.

Size:

The Lumia has the advantage in size, as Nokia designed a 4.5-inch screen with 1280x768 pixels, 332 pixels per inch, according to the Nokia website.

The iPhone 5 has a 4 inch screen with 1,136x640 pixels, 326 pixels per inch according to Apple.

Weight:

The iPhone 5 weighs just 3.95 ounces, compared to the Lumia which weighs 5.57 ounces.

Memory:

Apple offers three different types of iPhone 5 devices: the 16GB, 32GB, and 64GB phones with 1GB of Ram.

The Nokia will be sold in a 32GB option with 2GB of Ram according to the company's website.

Price:

The Lumia's 32GB model goes for approximately $299 when signing a two-year contract with AT&T.

The iPhone's 16GB option is sold for $199, the 32GB goes for $299, and the 64GB option is $399.

You can purchase the iPhone 5 at most major cellphone providers like AT&T, Verizon, Sprint, and T-Mobile.

Battery:

 The 1020 has the better battery overall with 2,000mAh that allows users 13 hours of talk time and 383 hours of standby while using a 3G network according to Nokia.

The iPhone has 1,440mAh battery capacity for eight hours of talk time and 225 hours on standby while on a 3G network according to Apple.

Camera:

The key attraction to the new Lumia device is its 41-megapixel rear-facing camera with 7,152 x 5,368 pixels. The iPhone's rear-facing camera has 8 megapixels with 3,264 x 448 pixels according to Apple.

Wireless Connectivity:

Both devices are similar in this category, as the 1020 and iPhone rely on Bluetooth, microUSB, AND Wi-Fi 802.11 to reach a connection. The 1020 also offers NFC according to Nokia.

Operating System:

The iPhone 5 comes with iOS 6, though upgrades have been made available since it was released last fall. iOS 7 is currently in Beta testing and will be released this fall according to Apple. The Lumia uses Microsoft's Windows Phone 8 mobile operating system.

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