The 2048x1536 retina display translates to 264 pixels per inch, for a total of 3.1 million pixels. The device has the ability to both record and play 1080p HD video.
But the new iPad is also missing a few features that the rumor mill had been hotly anticipating. Although the device supports voice dictation, it will not come with the Siri personal assistant feature that debuted in the iPhone 4S.
Apple is also introducing only an incremental iOS update with the device, iOS 5.1, rather than the completely new version some observers had been expecting.
Apple will retail the iPad for the same launch price as its predecessor, which in the US means $499 for a 16GB model, up to $699 for a 64GB. The models with cellular capability cost an extra $130.
The company has meanwhile lowered the cost of the iPad 2 by $100, with the base 1GB model now retailing for $399.
Ovum principal analyst Adam Leach expects the launch of the next iteration of the iPad to enable Apple to maintain its lead in the tablet market for at least the rest of the year.
“It is not the first time that Apple has enjoyed a first-mover advantage; however, we expect competition to get more intense through 2012,” he said, noting that Android 4.0 and the upcoming Windows 8 could test Apple's market dominance.