Rumor mill has been buzzing about the next generation iPad, dubbed iPad 3, especially about its release date and specs.

Apple has not yet announced the release date of iPad 3, which is not surprising because the company is famous for its secrecy. But the question remains - will the new iPad be able to defend its turf and fend off challenges from its formidable rivals?

Apple is currently making 14 million to 15 million units iPads per quarter, according to DigiTimes. In January next year, Apple will drop the production to the rate of 4 million to 5 million units per quarter, in preparation for production of iPad 3.

According to rumors, the new iPad will feature Retina Display (2048x1536 pixels); 4G LTE; upgraded, powerful processor (quad-core?); better peripheral support; better cameras; thinner and lighter design, and, of course, Siri.

The most recent rumor even suggested that the iPad 3 will feature a transparent and rimless body. A video called iPad 3 commercial on YouTube showed a person using a rimless iPad 3 with holographic display to watch TV and browse pictures. It also predicts the iPad 3 will weigh 0.6 pounds and store 16GB. But few people believe this rumor with some even saying, save this rumor for the iPad 5 or 6.

Click Start to see all the rumored specs of iPad 3.

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