With Apple's (AAPL 0.64%) iPhone event on Tuesday, the next major version of iOS won't be far behind. iOS 7 is the biggest revamp to date of Apple's critically important mobile operating system and could be considered a catalyst in its own right. Google (GOOGL 1.27%) Android offers a compelling alternative at lower price points, but iOS is more differentiated. 

Apple and Google take very different approaches to software updates. Big G goes for consistent and smaller tweaks, while the Mac maker prefers the bigger and splashier releases loaded with new features.

In the following video, Erin Kennedy discusses iOS 7 with Evan Niu, CFA, and Eric Bleeker, CFA.