Called the "iSlate" and "iTablet" by numerous reporters, the world has been on its toes waiting for its release. Finally at 8 AM this morning, Apple showed us the iPad.
The iPad is an exact copy of the iPhone; it has a dock, a SpringBoard, and a little Home button at the bottom. The iPad will run all of your favorite iPhone applications, and will resize any of your current ones, to fit its new massive display. Not only will it include already in production iPhone apps, but native applications as well. Picture playing Call of Duty on a 10" screen...and just tapping your next victim. Or browsing the web and touching what you want to read. That's the purpose.
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The iPad will have some revolutionary new features. With iWork on board, you can create stunning documents, spreadsheets, and slideshows with a swipe of your finger. College students will love it, as they'll be able to take notes on a broadcasted Congress Address through the iPad in their lap; then send it right to their professor. And with the built-in iBook, you can easily download and read just as with the Kindle, and feel like a book is in your hand.

There are no ends to the possibilities to this new device. Even Moms will love the amazing speed in downloading a recipe straight onto its little device, and have it cooking along side them. It obviously is not meant to defeat the purpose of the iPhone, as no one wants to carry a 9.7" display in their pocket. Nonetheless, it is amazing for home and office use.
Prices start at $499 for a 16GB device, ranging up to $699 for a 64 GB device. The iPad will also be sold for $130 more for a 3G version (plus an extra $14-$29.99 a month for AT&T's 3G service. **Note no contracts, so can be cancelled at any time and enabled straight from the device). Both versions will remain in standby mode for about two months.
Source: Apple Announces the iPad: WiFi, 3G, iWorks and an E-Book Store ($499 and Up)

