Improved camera (5MP and the same camera technology used in the iPhone 4s), retina display (4X the resolution of the iPad 2), and an ARM based processor (A5X). It's actually called "The new iPad". I'm guessing apple products will drop the numbers, and just do what they do with the iPods. If you say you want an iPod nano, they'll assume you mean the newest one unless you specify and state the generation. So the next iPad will probably just be (the new) iPad, 4th generation.
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