But there was also some good news for those who don't need the absolute latest bells and whistles: Apple has lowered the price of its iPad 2 to $399, according to its website.
And in addition to saving customers $100 on the WiFi version, Apple will keep the baseline model at 16 GB of RAM.
Previously, the rumor mill had predicted that Apple would introduce a cheaper 8 GB version of its iPad 2. That move was expected to be Apple's response to rival tablets such as Amazon's (AMZN) Kindle Fire and Barnes & Noble's (BKS) Nook Color, as well as the many less-popular tablets that run Windows 8.
Savvy buyers mainly need to ask themselves whether they really need HD 1080p video-recording capability or the speedier network connection that comes with the new iPad. Yes, it also touts a richer resolution and a snappier 5MP iSight camera. But if you were primarily lusting after an iPad for its FaceTime feature and its lightweight, go-anywhere qualities, why not pay less and pick up an iPad 2?
Motley Fool contributor Dawn Kawamoto owns no stock in any of the companies mentioned. She has been known, however, to FaceTime with her family members. The Motley Fool owns shares of Amazon.com and Apple. Motley Fool newsletter services have recommended buying shares of Apple and Amazon.com and creating a bull call spread position in Apple.