The iPhone's home button lives on.

Apple dropped its newest iPhone SE at its "Peek Performance" event Tuesday and we got a preview of the "budget" phone that arrives March 18.

The iPhone SE first arrived in 2016, and then was updated in 2020. Now two years later, the compact, affordable smartphone is back once again. Let's look at what's changed since 2020.

Price

2020: $399

2022: $429

This is the biggest change. The starting price for 64GB has gone up. The most expensive SE is now $579, while it used to be $549 for the 256GB configuration.

The next cheapest iPhone is the 64GB iPhone 11 for $499.

It's worth noting, however, that according to usinflationcalculator.com, the buying power of $399 in 2020 equaled a little over $429 in today's money — about $433.44. So in this one very real sense the iPhone SE has actually gotten slightly cheaper.

Colors

2020: Black, White, and Product Red

2022: Midnight, Starlight, and Product Red

The same color options, but now black and white have fancier names.

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Same colors, new names. Credit: Apple

Chip

2020: A13 Bionic chip

2022: A15 Bionic chip

At the time the A13 Bionic chip inside an iPhone 8 shell was powerful. It gave you the same chip in the iPhone 11. Now the 2022 version has caught up to the iPhone 13 with the same 15.8 trillion operations per second processing power. Sounds like a lot.

Another big game changer with the A15 Bionic chip is access to the full capability of iOS 15 including advanced camera modes and Live Text. The iPhone 8 can't do that.

Size

2020: 4.7 inches

2022: 4.7 inches

It's still the same size, which is an iPhone 8. And the home button with Touch ID and haptic feedback is still there.

It feels so good. Credit: Apple

Display

2020: Retina HD display with 1,334 by 750 pixel resolution

2022: Retina HD display with 1,334 by 750 pixel resolution

This is the same screen, but maybe with the more souped-up insides it'll seem shinier?

Camera

2020: Single 12-megapixel wide-angle rear sensor (f/1.8 aperture) with LED flash. Front is a 7-megapixel selfie camera.

2022: Single 12-megapixel wide-angle rear sensor (f/1.8 aperture) with LED flash. Front is a 7-megapixel selfie camera.

The camera arrangement stayed simple with a single lens (unlike the three on iPhone 13) and a selfie camera. But thanks to that A15 Bionic chip you now have access to camera features like Smart HDR 4, Photographic Styles, Deep Fusion, and (finally!) Portrait Mode.

SEE ALSO: Apple unveils new iPhone SE with 5G and A15 Bionic chip

Battery life

2020: 13 hours of video playback

2022: 15 hours of video playback

Better battery! The new SE will last longer and still offers wireless charging.

Connectivity

2020: No 5G, dual SIM card

2022: 5G-enabled, dual SIM card

2022 has ushered in the age of 5G connectivity and the new iPhone SE can join in. It's just a matter of finding an available 5G network...

Preorders for the iPhone SE (2022) start on Friday.