Today Apple made the announcement we were all expecting: a new version of the iPad is on the way. The iPad 3 will be arriving on March 16th at stores across the world for $499 and up.

The new iPad features a Retina display with four times the pixels as the iPad 2's screen. The display has 3.1 million pixels in total, making it more detailed than an HD TV. The tablet will be able to play films at 1080p.

The iPad 3 also features a new processor. The A5X chip is said to have twice the graphics capability of the A5 chip. The superior visuals won't compromise the battery life, though. Apple says that the iPad 3 will have a 10 hour battery life.

The iPad's camera has been upgraded as well. The 5 megapixel iSight camera enables users to take detailed photos as well as full HD video. Backside illumination will allow you to take photos in low-light conditions, while a video stablization feature will reduce shakiness while you film.

As rumored, the iPad 3 will support the new LTE wireless standard. This will enable you to upload or download files more rapidly through AT&T and Verizon's 4G LTE networks. The tablet's Personal Hotspot feature allows you to share this fast connection with other devices via Wi-Fi, Bluetooth, or USB.

The Wi-Fi only iPad 3 will cost $499 for 16GB, $599 for 32GB, and $699 for 64GB. If you go with the 4G LTE model, you'll have to pay $629, $729, or $829. If you've yet to buy an iPad at all, note that Apple is slashing prices on the iPad 2. The 16GB Wi-Fi model now costs $399 and the 16GB Wi-Fi + 3G model is $529.

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