[Techtaffy Newsdesk]

Apple has unveiled its latest iPad as promised. Is it a mini-pad? Does it cost less than $399? No, and kinda sorta not really; the iPad2 now costs $399 for the entry level model, the iPad3 will retail for $499 for the 16GB model, no sticker surprises here. The launch comes just two years after the iPad, and about a year since the iPad 2. Tim Cook, Apple’s CEO showed off the iPad3 in San Francisco at the launch event.

Philip Schiller (Senior vice president, Worldwide Marketing, Apple): The new iPad redefines the category Apple created less than two years ago, delivering the most amazing experience people have ever had with technology.

The new iPad has the highest resolution display ever seen on a mobile device, with 3.1 million pixels, says Apple. It is also packed with 4G LTE compatibility. Other enhancements include a new chip, quad core graphics, newer software, and speech to text capabilities, incase you wanted to dictate your Facebook status update. You can find a detailed list of specs here.

The iPad3 costs $599 for the 32GB model and $699 for the 64GB model. iPad Wi-Fi + 4G (AT&T or Verizon) costs $629 for the 16GB model, $729 for the 32GB version and $829 for the 64GB model.

You can watch a video of Mr. Cook introducing the iPad3 here.