iPhone 7. Image source: Apple.

Apple's (NASDAQ:AAPL) new iPhone 7 is here, and it's looking good. Here are four reasons the device stands out from its predecessors.

1. Two new colors

As silly as it may seem, new color options really do serve as key selling points for Apple's iPhone launches. This was particularly the case of the white iPhone 4 and the gold iPhone 5s. Both turned out to be very popular and arguably played a meaningful role in driving sales.

For iPhone 7, Apple introduced two new colors, black and jet back, and eliminated its space gray option.

iPhone 7. Image source: Apple.

The two new black colors are well received in initial reviews of the device. Famed video tech reviewer Marques Brownlee captured overall enthusiasm for the new black option:

The black is this purely all-black matte look. And I gotta say, this feels really good and looks good in person. ...I'm gonna be grabbing that matte black. Something about stealth look just speaks to me.

2. Water resistance

iPhone 7 can be submerged one meter deep in water for 30 minutes. Water resistance is a particularly important selling point as Samsung heavily promotes the water resistance of its newest flagship phones.

3. New camera systems

Both the iPhone 7 and iPhone 7 Plus sport a 12-megapixel camera with optical image stabilization and an improved aperture and lens for brighter, more detailed photos and videos. But the iPhone 7 Plus also has a 12-megapixel telephoto camera, giving the iPhone 7 Plus the ability for optical zoom at two times.

4. Unprecedented performance

The new iPhone is blazing fast. A new custom-designed Apple A10 Fusion chip sets the golden standard for smartphone processors, continuing to highlight Apple's growing lead over competition when it comes to performance. As if the iPhone 6s' A9's 70% jump in processing speed compared to the A8 before it wasn't good enough, the new A10 is 40% faster than the A9, or twice as fast as the A8 in the iPhone 6.

Importantly, this jump in performance won't take a hit on battery life. Indeed, the opposite is the case. Its unique quad-core technology integrates two high-performance cores and two high-efficiency cores capable of running one-fifth the power of the high-performance cores. This all-new architecture enables faster processing when it's needed and the ability to use less power when possible, making for two more hours of battery life on the iPhone 7 compared to the iPhone 6s and one more hour on the iPhone 7 Plus compared to the iPhone 6s Plus.

Image source: Apple.

Of course, these aren't the only new features of the iPhone 7. Other notable upgrades include a wide color system on the display, dust resistance, the first stereo speakers in an iPhone, and a redesigned home button. But it's likely the iPhone 7's new colors, water resistance, and improved camera and processor that will drive sales.

iPhone 7 may not represent a major overhaul to the lineup, but its new features and improvements certainly look compelling enough to help Apple continue to generate far more profits from its smartphones than any of its competition. More importantly for investors, the iPhone 7 looks poised to continue to justify the stock's conservative valuation.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.