The iPad 3, one of the most anticipated gadgets for 2012-- after the iPhone 5-- is underway with new reports indicating that production has been pushed forward ahead of the Chinese New Year, Computer World reports.

Although there has been no official announcement about the tablet's release date; reports, insiders and tech blogs all indicate the product will be unveiled in March 2012, with a release to soon follow.

The initial production of the iPad 3 is thought to be around 1-1.5 million units, according to a report obtained by the Daily Mail. While the latest Apple tablet will be competing with other android based tablets such Amazon's Kindle Fire, a survey carried out by Forbes indicates that Apple will still be in the lead with its new tablet.

More Than 40 % of smartphones owners who use Research in Motion, Blackberry, Microsoft, Windows Phone and Google Android prefer Apple's iPad to tablets from their current operating system, Forbes Reported.

Forbes estimates that the new iPad will be able to sell around 39 million in 2011 and 50 million in 2012.

But what should we expect from the new iPad 3? Here's a rumor roundup:

Re-design: While initially it was thought that the iPad 3 would look much the same as the iPad 2, interpretations of iPad 3 part, which have been circulating the Web, have suggested quite the contrary. This is how Mike from the Cydia Blog interpreted it:

The new part, when compared with iPad 2, shows a different arrangement in internal circuitry, hinting a major re-design. The tail end of the part makes a U-turn, whereas the iPad 2′s Microphone Mic Flex Cable makes almost 90-degree turn both ways.

Another design speculation is that the tablet will be transparent and rimless. Dakota Adney put together quite an imaginative video of what the iPad 3 could look like, although it seems far too drastic remodeling to actually be true.

More realistic rumors for the redesign cited on the Cydia Blog suggest a retina display with 2048×1536 resolution. But the hardware required to enable a better display could require a slightly thicker body of 0.7mm, according to PC World.

Siri: The iPhone 4S's most popular voice assistant feature may be coming to the new iPad. Although the Huffington Post says the rumor is far from certain, as voice command is far less useful on the tablet than on a cellphone. 4G LTE qualities and a larger battery are also among the rumor mix.

Better Camera: iPad 2 uses a VGA-capable camera on the front and a HD camera that can do 720p video 1 MP in the rear. According to Zdnet competitors are shipping tablets with 3MP and 5MP camera and therefore Apple needs to do better. A flash is another feature missing from the camera that many experts believe needs to star in the new tablet's release.

iPhone 5 Speculation Continues

Meanwhile, the iPhone 5 rumor mill continues to spin ahead of the expected summer 2012 release. Here's a look at some of the latest speculation:

HD Display: Apple has begun testing high resolution screens, according to a report obtained by State. The phone is likely to retain its 3.5 inch form in order to not disturb its IOS 5 platform, but the screen is expected to have 720p HD display with a resolution of 1280×720.

Airbag Screen protector: This is one of the best rumors to date-a airbag protective system to launch when the phone's screen comes to impact. A tunable shock mounted under the glass screen having a liquid-based inflatable bladder having similar functionalities like car airbags will help devices from mot being broken when dropped, iPhone 5 Rumor Net reported. The airbags will apparently inflate within a fraction of a second when its accelerometer feels a deep drop.

Advanced Version of Siri: These rumors sparked through a job opening from Apple's Siri user interface manager, Dan Keen. The openings called for experienced IOS software engineers to join the team that implements the user interface for Siri and help make the next bigger and better.