The un-Apple-like move would see the iPad following in the footsteps of the MacBook, which ditched the firm's much-loved MagSafe chargers for USB-C ports in 2016.
The faster phone sensors also mean that it'll be easier to scan and register your face for features like Face ID and Animojis, Apple said.
The iPhone XS, with a 5.8-inch display, and the iPhone XS Max, with a 6.5-inch display, will both be available in silver, black, and gold, and also offer three storage options - 64GB, 256GB, and 512GB.
Apple became the first trillion dollar company in history, propelled in its fortunes since the launch of the iPhone in 2007 - but after eleven years of growth, global demand for new smartphones is plateauing.
Although the iPhone X didn't fulfill analysts' lofty sales expectations, it fared well enough for Apple to up the ante with the bigger model, whose price is expected to unveil Wednesday. "It's a matter of getting people to keep moving up".
The strategy is working, helping Apple become the first publicly traded USA company to hit a market value of more than $1 trillion earlier this year.
CEO Tim Cook showed off the Apple XS, which has a bigger screen than the one on last year's dramatically designed model, the iPhone X. It'll cost about $1,000.
The iPhone XS has landed. While the new Watch models are thinner, Apple says they also have larger screens, providing displays that are over 30 percent larger than those of the Series 3.
"Apple has never competed on price", said Josh Blechman, director of capital markets at Exponential ETFs, which holds Apple shares in its exchange traded fund. The previous Apple Watch was available in 38 mm and 42 mm sizes.
It's been reported Apple will also change its naming convention for the new model and dub it the iPhone Xs Max, dropping the "Plus" suffix that's traditionally been given to larger iPhone models.
Regardless of the phones, the real star of Apple's launch event on Wednesday evening was the Apple Watch Series 4, which, despite being a relative squib on its release, has begun to corner the market as a health wearable. While Android Wear struggles to gain market share among smartwatches, Apples intelligent timepiece has conquered the world.