Apple unveils newest iPad

It was one of the worst kept secrets in the technology world...Apple's new iPad.

The newest tablet, dubbed, simply: iPad, is capable of operating on a 4G LTE, or Long Term Evolution network, which offers high-quality video on-the-go at speeds roughly 10 times faster than current 3G technology.

Apple CEO Tim Cook at the launch in California early Wednesday:

SOUNDBITE: APPLE CHIEF EXECUTIVE OFFICER TIM COOK (ENGLISH) SAYING:

"We are redefining the category that Apple created with the original iPad. It makes amazing improvements over the most fundamental features of the design of the device."

Apple is well known for its legions of dedicated fans who snap up the new products at the first mention of an upgrade.

SOUNDBITE: APPLE CUSTOMER DANIEL GREGOIRE ON BUYING THE NEW IPAD (ENGLISH) SAYING:

"I'm interested in getting it because I only have the first one and the speed has been slowing down a bit so I'm looking for an upgrade."

Since its rollout in 2010, Apple has sold 55 million iPads...bringing in more than 20 billion dollars in sales, related services and accessories just last year.

This upgrade offers even more for the got-to-have-it-gadget lovers starting at the same $499 dollar price.

Jamie Lendino, Mobile Analyst at PCMag.com:

SOUNDBITE: JAMIE LENDINO, MOBILE ANALYST, PCMAG.COM (ENGLISH) SAYING:

"The new model has a screen with four times the resolution as before it has quad core graphics which is significantly faster than the old model and it has a 5 megapixel camera with the same optics as the iPhone 4s, it records 1080p high definition video and it does all of this for the same price as the original model."

Apple faces competition from dozens of rivals. Samsung and Motorola already have faster tablets available which run on Google's android software. Apple will need to stay one step ahead if it wants to continue to dominate the global tablet market.

SOUNDBITE: JAMIE LENDINO, MOBILE ANALYST, PCMAG.COM (ENGLISH) SAYING:

"You don't have years, you have months, there are these windows where windows of opportunity where if they are late to market with a product the ship could already sail by the time it comes out."

Analysts say high speed tablets accounted for just 1% of total tablet sales last year, partly due to the high prices.

So it may take more than high speed to convince current iPad users to upgrade or bring new customers through the door.

The true test will be on March 16th when the iPad officially goes on sale.

Jill Bennett, Reuters