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In his first product unveiling since the passing of Steve Jobs, new CEO Tim Cook certainly did one thing different from his predecessor: He unveiled a new product without really giving it a new name. As expected, it is a new iPad, the third version, but Apple is apparently not calling it the iPad 3. All throughout its morning press conference it simply called the device "the New iPad".

So, what will this new iPad do? Well, much the same as the previous one only it will do all those things much better.

The 9.7-inch Retina display will have a higher resolution than the highest 1080p HDTVs. The device will also be four times as powerful as the iPad2. It will also feature a better camera, the same as iphone 4s, capable of recording 1080p recording and built-in image stabilization.

The new iPad will also have a dictation feature for transcribing what you say and will work on so-called 4G networks offered by companies such as AT&T and Verizon.

Apple also announced several software updates for apps like iMovie, GarageBand and introduced a new $4.99 iPhoto app for serious editing and creating photo journals. Users will even be able to wirelessly beam photos from one device to another.

The new iPad will come in black and white with the Wi-Fi only versions priced at $499, $599, $699 for 16gb, 32gb, 64gb. Those opting for the 4G versions will pay $629, $729, $829 respectively.

Preorders started Wednesday, with an official release set for March 16.

For those looking to first jump into the iPad market there's also some good news.

Apple says the iPad2 will continue selling, but for less, starting at $399.