Apple CEO Tim Cook introduces the new iPad during an event in San Francisco, Wednesday. The new iPad features a sharper screen and a faster processor. Apple says the new display will be even sharper than the high-definition television set in the living room. (Associated Press)

Is it the iPad 3? iPad HD?

After much rumor and speculation, the next generation iPad is called iPad.

Apple’s highly anticipated event held at the Yerba Buena Center for the Arts in San Francisco introduced the new iPad.

The iPad’s main feature includes a 9.7-inch, 2048 x 1536-pixel “retina” display. The display has a higher resolution than your standard, 1080p HDTV, and 44 percent greater saturation than the iPad 2. This will allow for better video content quality. iPad will run on a quad core processor which allows it to support better video quality.

Another feature is the new back-facing iSight camera that has a resolution of 5 megapixels with backside illumination. iPad 3 owners will also now be able to record HD (1080p) video with a built-in stabilizer and temporal noise reduction.

iPad is Apple’s first device to run 4G LTE which allows for faster data and wireless connectivity. The device is compatible with Verizon and AT&T as well as for Canadian carriers Telus, Bell, and Rogers.

Most were looking forward to seeing Siri as the highlighted feature of the next iPad, but Apple made a compromise. iPad will have some Siri capability that allows for voice dictation software that is compatible with US English, British, German, Australian, French, and Japanese.

The first new addition to the app group on the iPad is iPhoto, allowing users to edit photos and beam photos from device to device. iPhoto allows for multi-touch photo editing with professional effects. iPhoto works with images up to 19 megapixels.

The iPad will be available in stores on March 16th. Pricing follows Apple’s standard pricing models of 16GB, 36GB, 64GB 4G iPads at $629, $729, and $829 respectively.