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Update: The rumor mills are just dying to see a cheap iPad to compete at the lower end. Given that bottom-end 16GB iPad 2's are now going for $429 from many resellers, and you can buy refurbished iPads straight from Apple for as low as $299, it's possible we'll see a lower-priced iPad 2 model (especially since the current iPad display is a known commodity, when it comes to supply chain issues).
The Magic 8 Ball: The Magic 8 Ball reads, "Signs point to yes". You'll probably be able to get a cheaper iPad, but whether there's a storage reduction or not is anyone's guess.
In light of both the Kindle Fire and BlackBerry Playbook 2.0, there are some rumors that there might be a lower-cost unit. Given that Apple is now minting money faster than the mints, we have our doubts they want to play in the Kindle Fire ghetto. But Apple has been known to play their iPods to every niche, so there is a possibility. We've seen reports of up to three models, with one starting at about $299.
The Magic 8 Ball: The Magic 8 Ball reads, "Very doubtful". Apple isn't feeling any competitive pressure from the low end, and if you want a cheap iOS device, buy an old iPad or iPhone.
The other side of the storage equation is the 128GB variation. After all, if you can now store and display full 1080i or 1080p movies, and you can display photos at super-high resolution, shouldn't you require more storage?
The Magic 8 Ball: The Magic 8 Ball reads, "As I see it, yes." This all depends on whether the supply chain can put out, but Apple likes printing money and there are definitely iPad customers who would tip for the full Monty.
We're also hearing rumors that Apple might be changing up the docking port, to something smaller and less compatible. The premise is that this would clear up some internal space, but it also means customers would have to buy all new accessories. Many of us have been handing down chargers, power dongles, and the like for four years now, and we should definitely be punished for our loyalty.
The Magic 8 Ball: The Magic 8 Ball reads, "Concentrate and ask again". This one's tough to predict. If Apple were a normal company, we'd expect them to reduce the port size to make room for more connections. But Apple isn't normal by any stretch of the imagination. So, they might shrink the port to make more internal room (even that tiny bit of extra space for battery could give you another few minutes of run time), or because, well, being the world's largest company isn't good enough.
Image: This shows Apple's patent drawing of a docking station for an iPad. It was granted in May 2011.