After months of speculation, Apple has revealed the third generation of iPad. While everyone was expecting the device to adopt either the iPad 3 or iPad HD name, Apple has instead dropped additional branding altogether and simply gone with iPad.

While the device doesn’t look all that different externally, there are a few noticeable improvements that will undoubtedly keep Apple fans lining up for days to get their hands on it.

The major upgrade is to the screen. While the iPad 2 display looked great, the new iPad bumps up resolution to 2048×1536. This Retina Display offers four times the pixels of its predecessor.

The processor has also witnessed an upgrade to an A5X chip, which incorporates quad core graphics (double the iPad 2) but still retains all day battery life of approximately 10 hours on Wi-Fi and 9 hours on a data connection.

The iPad now supports 4G LTE for faster internet on the go and the iSight camera will shoot 5-megapixel images and 1080p HD video.

The iLife suite of applications has also been boosted with the introduction of iPhoto to the existing iMovie and GarageBand. iWork apps have also been udated to take advantage of the new Retina display.

“The new iPad redefines the category Apple created less than two years ago, delivering the most amazing experience people have ever had with technology,” said Apple’s senior vice president of Worldwide Marketing, Philip Schiller.

The iPad is available inAustraliaon March 16. Prices start at $539 for the 16GB Wi-Fi model and $679 for the Wi-Fi + 4G. The iPad 2 has also dropped in price, starting at $429 for 16GB Wi-Fi model and $569 for Wi-Fi + 3G.