GDGT is reporting that in today’s Stevenote, Apple announced that the processor they designed for the iPad—the “A4″—will be used in the iPhone 4. This means you’ll see the same speed you get on your iPad, but in the palm of your hand.

The best new is that with the power-conscious A4 processor, and a bigger battery, the iPhone 4 will have much better battery life: 7 hours of 3G talk time. 10 hours of browsing the web in Wifi. 40 hours of music. This is very welcome news.

Continue following Macgasm for updates throughout the keynote, and in-depth coverage after the event.