In what the iPad Fan blog is calling “a great upgrade,” Apple has released iPad 2 – a newly designed tablet that’s 33 percent thinner and up to 15 percent lighter than the original iPad. There’s still the same 9.7-inch LED-backlit LCD screen and up to 10 hours of battery life. But the iPad 2 also features Apple’s new dual-core A5 processor for super-fast performance. 

Another impressive addition to the iPad’s new incarnation: two cameras — a front-facing VGA camera for FaceTime and Photo Booth and a rear-facing camera that captures 720p HD video.

So far, iPad 2 is available in black or white, features models that run on AT&T’s and Verizon’s 3G networks, and introduces its Smart Cover in a range of colors. iPad 2 will be available on March 11, in the U.S. through the Apple online store, Apple retail stores, and select Apple authorized resellers.

While types who keep tabs on the company weren’t surprised by iPad 2’s new features, many were shocked that co-founder and CEO Steve Jobs made an unexpected appearance to launch the new device. It was Jobs' first appearance at an Apple event since announcing his third medical leave from the company.

Said Jobs during his presentation: “When we introduced the iPad, we said it was our most advanced technology in a magical and revolutionary device. People laughed at us for calling it magical — but it’s turned out to be magical. People didn’t necessarily agree with the price — but ask our competitors now.”

Apple sold a staggering 15 million iPads in 2010 and secured a 90 percent market share in the tablet market. The iPad 2 will start at $499 for the 16GB WiFi-only model.