iPad 3 Release Date and Features Rumors Update: All You Need to Know [PHOTOS]

 The rumors about the forthcoming iPad 3 reached fever pitch last week, ranging from a bundle of features and specifications to the release date.

And, even though Apple is yet to announce the official launch date of iPad 3, people have not ceased speculating on what the next generation Apple tablet will look like. Start the slideshow to check out what the rumor mill is saying.

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Tech giant Apple said that the company might not introduce ARM-based Macs, prompting CNET to believe the iPad 3 will sport a keyboard option.

The speculation originated from a conversation on Feb. 4 between Citigroup analyst Richard Gardner and Apple CEO Tim Cook.

"Tim Cook reiterated his view that rapid innovation on the iOS platform (and mobile OS platforms in general) will significantly broaden the use case for tablets, eventually pushing annual tablet volumes above those of traditional PCs." Garner said in a statement on CNET.

"We have wondered whether Apple might offer an ARM-based version of MacBook Air at some point; we walked away from this meeting with the impression that Apple feels iPad satisfies--or will soon satisfy--the needs of those who might have been interested in such a product," Garner added.

The various reports suggested that the thickness of the iPad 3 will be increased, but not much, by only 1mm. The thickness has been designed to accommodate the purported Retina Display and a larger battery.

However, RepairLabs last week got an alleged iPad 3 rear shell, from "industry insiders inChina."

And, the the anonymous source told RepairLabs that there is no sign that the iPad 3 will be thicker than the current iPad 2.

Furthermore, an Apple insider told the New York Times that the new tablet will be “essentially the same size and shape as the iPad 2,” which confirms RepairLabs' report.

Display is one of the most striking change expected in the iPad 3. Rumor mill claims the forthcoming tablet will boast of a Retina Display with a resolution of 2,048x1,536 pixels.

The leaked iPad 3 rear shell suggested that the LCD screen might be changed to a certain degree, but it doesn't mean the iPad 3 will actually feature Retina Display.

Moreover, an unnamed Apple employee also told the New York Times that the iPad 3 will sport "an improved and 'truly amazing' screen."

According to the shape of the rear shell, the iPad 3's battery might be better, which echoes similar rumors that surfaced earlier.

"The width of where the logic board sits on the iPad 2 appears much larger than that of the iPad 3," the RepairLabs reported.

Without doubt, Apple fans are expecting their tablets have a better camera. That might become true soon. RepairLabs' report read "the camera is different," because of the mounts on the iPad 3 casing. Nonetheless, it's difficult to say how different the new camera will be.

An anonymous Apple employee told the New York Times that the iPad 3 is already being tested inside of the company and the new device will boast of a faster processor.

Even though many reports claim that the iPad 3 will have quad-core chip, which will speed up the device a lot, CNET said that four cores might not be in the cards, citing two analysts. According to them, the speed can be improved, but may not necessarily be via quad-core.

All Things D reported last Thursday that the iPad 3 will debut at Yerba Buena Center for the Arts, San Francisco in the first week of March.

The site also speculated the new device will hit the market within 1-2 weeks after the unveiling event.

CNET reported that the iOS 5.1 might be updated on March 9, according to "profiles sent by Apple to various iPhone carriers."

People can't help wondering if iOS 5.1 update coincides with iPad 3 unveiling.

"If Apple were planning on having these ready for the weekend of March 9, it seems relatively possible that they could choose that date...perhaps with a catchy theme like 'It's time to leap ahead,'" The Verge's Joshua Topolsky wrote.

iPad Mini, the iPad 3's younger brother, is also reportedly on the way.

Ezra Gottheil, an analyst with Technology Business Research, told Computerworld that Apple might launch a smaller-sized iPad with a 7-inch display later this year.