Editor's take: Apple's new iPhone SE looks to be a solid alternative for those seeking a modern iPhone on a budget, so long as the dated iPhone 8 design with large bezels, the single camera and a lack of Face ID doesn't bother you too much.

Apple on Wednesday announced its long-rumored second generation iPhone SE. A follow-up to the 2016 handset by the same name (SE standing for Special Edition), the new iPhone SE features a unique blend of modern hardware in a compact (and familiar) form factor.

Powering the 4.7-inch Retina HD display is Apple's own A13 Bionic chip, the same SoC you'll find under the hood of the iPhone 11 family. A single 12-megapixel f/1.8 aperture camera graces the rear of the device - the best single-camera system ever in an iPhone, according to Apple.

It uses the image signal processor and Neural Engine of the A13 Bionic to "unlock even more benefits of computational photography" such as portrait lighting effects and depth control.

If you're thinking the iPhone SE looks familiar, well, you'd be right. It's essentially a modern iPhone crammed in an iPhone 8 body, from the chassis with glass back and large forehead / chin bezels down to the familiar Home button covered in sapphire crystal.

Apple's second-gen iPhone SE will be available in capacities of 64GB, 128GB and 256GB in your choice of black, white and red color schemes starting at $399.

Pre-orders open on Friday, April 17 at 5 a.m. Pacific with the handset shipping a week later on April 24 in more than 40 countries and regions.