Sarah Tew/CNET

On Tuesday, Apple held an event to announce the long rumored iPhone X. At $999, £999 and AU$1,579, it is the most expensive iPhone ever released.

Apple has been criticized for the high prices of its products and appealing to the affluent. Earlier this week, Apple's CEO Tim Cook addressed the issue in an interview with Fortune.

"You can buy an iPad today for under $300. You can buy an iPhone, depending upon which one you select, in that same kind of ballpark," said Cook. "And so these are not for the rich."

Whatever you think of Apple's prices, there is some truth to what Cook said. At that same event, Apple quietly reduced the price of the iPhone SE to $349, £349 and AU$549, making it the cheapest iPhone Apple has ever sold.

True, the iPhone X and SE are very different iPhones. But that still doesn't mean the SE is obsolete. Especially since there's a lot to like about the SE.

With a 4-inch display, the SE is one of the smallest, most pocket-friendly phones you can buy. It has TouchID, ApplePay, a headphone jack (which newer iPhones lack) and it will be able to run iOS 11 when it's released on Sept. 19.

Now playing: Watch this: iPhone SE: Get now, or wait?

In May, CNET editor Scott Stein took second look at the phone and was impressed with the SE's performance and how it kept up in daily use against the iPhone 7 and 7 Plus. He acknowledged that the small, "nifty" design will immediately appeal to some while others might be turned off by its older iPhone 5S looks.

If you're still not feeling the SE and are willing to trade in those iOS iMessage blue bubbles for Android, you'll find even cheaper options that are just as capable, if not more so, like the Motorola Moto G5 Plus or the Alcatel Idol 5S.

But for those looking specifically for a new iPhone that won't break the bank, the SE is your best bet.