iPad price starts at $499
16GB, 32GB and 64GB models

Today, Steve Jobs announced what he believes is a "truly magical product." Since it will be well under the anticipated $1000+ range, and it will run pre-existing iPhone apps, we believe he may be right.

The iPad features a 9.7" backlit touch screen, weighs 1.5 lbs. and is only a half inch thick. The display will rotate to landscape or portrait, based on how you hold it, just like the iPhone. Apple claims the touch screen sensitivity is improved over that of the iPhone, and they say the battery life will be up to 10 hours. (Based on our experience with the iMac Pro, we expect typical, real-world battery life to be closer to 1/2 that.)

The first models released in March will be 802.11.n Wi-Fi capable, but if you want to connect to a 3G network, you'll need to wait until April and be willing to spend an additional $130.