What is it?
So the thing is as to what all should it have and what all will it have. First of all, the major change will obviously be a smaller 7 inch screen in place of the 9.7 inch. However the Retina HD Display will not be sacrificed. It can be revolutionary thin because increased amount of thickness of new iPad disappointed a whole lot . Massive 9.7 Inch Retina HD Display with the resolution of 2048 X 1536 pixels, forced Apple to increase the thickness. With the smaller screen the pixels layers could be spread out a bit to reduce the thickness. It might have a smaller camera of about 3.2 mp compared to 5mp one boasted by the new iPad. The good news is (as suggested by Bloomberg or imore) that it might carry an interesting price tag of close to $249. Interesting thing to watch would be if Apple would think about beating the Amazon's Fire (Kindle) Tab of $199. Nevertheless an iPad is an iPad and I am not sure if Apple would like to pick a battle with kindle Fire which is largely an eBook reader - an extended Tablet.
Is it True?
The main thing is that is there any possibility of Apple launching a smaller iPad with lesser features just for the sake of price. Given the Tablet crowd, and various tweaks happening in the handheld computing device market with phones being merged into tablets, tablets being extended to desktop/laptop units, hybrid tabs etc, it could push Apple to be there with something hugely affordable, portable, stylish, of the same generation. This can go there to create all together a new product vertical for Apple for a segment who need not sell something god gifted to own an iPad. The flip side is that it could be as false as it is true and Apple may choose to stay away from fighting a price war just to be there as it boasts of technological leap than the price edge. Apple is focussing on other segments of the technology and would, for sure, want to retain its tech numero uno position in all those areas like portable Music Player, Video Consoles, Gaming Consoles,Extended Screens etc. Since all of these would draw Organisational energy and certainly has longer stake brand strategy in than the price edge (which actually strips the value off the brand). Still there are chances that Apple gives the world a surprise by launching another iPad (a.k.a iPad 4) with more features. Keep reading for further updates as we march into future with Apple in our hands:)