As we approach the first anniversary of the death of Apple founder Steve Jobs, it’s time to see if his legacy of over-the-top product announcements has survived long after he left the reins of the company in the hands of master supply chain guru Tim Cook.

The answer, it seems, is a resounding yes.

And that’s despite the fact that most of the details on the new version of the ground-breaking smartphone had been leaked to the world well in advance of this week’s official announcement.

Apple exceeded expectations for the iPhone 5, says a J.P. Morgan analyst, and it should put the company on top of the smartphone food chain.

The company’s rocket-like stock price reflected the enthusiastic reception the phone got. It climbed nearly 15 points the day after the unveiling and is nearing the much-anticipated 700 mark by week’s end.

Update: Early buyers of Apple’s latest iPhone once again slammed online stores, and the first batch of iPhone 5 models sold within an hour, pushing delivery times back as long as three weeks.

Tags: iPhone 5, market share, markets, price, stock