The new smaller SIM format war is over and gets standardised. There have been a few companies competing  for their proposed size to become the industrial standard such Apple, Motorola,Nokia and Rim. There appears to be no outright winner instead there has been a compromise in size to keep all the companies happy.  This new size was agreed today during a meeting at the European Telecommunications Standards Institute in Osaka, Japan. 

This size appears to be closest to what size Apple had proposed. The new sim card will measure 12.3 mm x 8.8 mm, with a thickness of 67 mm. Overall it will mean a 40% reduction in size. The good news is that the new SIM card will work with existing devices. In order to make it fit it will just have to be paired with a carrier frame, which can then be inserted into a device.