(CBS) — After months of wild speculation, it’s finally here: the new iPad. Don’t call it the iPad 3, it’s just called the iPad.

“Everyone’s been wondering who will come out with a product that’s more amazing than the ipad 2. Well, stop wondering. We are,” Apple CEO Tim Cook said as he announced the newest version of the iPad on Wednesday.

If you’re one of those people who kept up with the rumors, the announcement wasn’t shocking, for the most part, but it was exciting.

LISTEN: WBBM Newsradio’s Bob Roberts reports

“We are redefining the category that Apple created with the original iPad,” Cook said.

The new iPad packs some serious hardware. It features a much faster processor, a super-sharp “Retina” display, a new high-performance camera, and it can operate on faster, 4G data networks.

Apple senior vice president Phil Schiller said, “We think the new iPad will really change what people believe is possible with this category of device. “

We know what you’re thinking. Is that enough for you to buy it?

iPad 2 owner Al Heartley said, “It’s a 4G too? Oh, my God. Now I almost have to buy another one.”

Fellow iPad owner Navi Afshar said, “I like to skip a model. So I have the (iPad) 2. I’ll wait for the next one to come out after this.”

Coco Corbett said she does not own iPad, but she thinks “it’s not that much of an upgrade, because I know that all of Apple’s products are good. So, whatever the newest one is, I’ll just get that when I’m ready, financially, to do that. “

That might be the real reason many people get a new iPad – if they can afford it. Prices for the new device are the same as the previous one; starting at $499.

The new iPad hits stores March 16 and Apple is already taking pre-orders. The iPad 2 will still be available, for about $100 less.

Watch & Listen LIVE