Microsoft's Corporate Vice President Panos Panay unveils the new Surface Pro 3 tablet.

The Surface Pro 3 features a 12.0-inch display with a 2160×1440 resolution, closer to a 3:2 aspect ratio, and has 4K display support.

The optional keyboard also has a built-in trackpad.

The Surface Pro 3 weighs in at 1.76 pounds, which is lighter than the Surface Pro 2, which weighs 2 pounds, and it is even lighter than an iPad Air and MacBook Air stack.

The iPad Air alone however, which weighs in at a shade over 1 pound, continues to be lighter than the Surface Pro 3. 

The new Surface Pro 3 comes with a new input device — a $49 pen (if you ever need a replacement) developed by N-trig.

The pen is deeply integrated with OneNote on the Surface Pro 3. Clicking the button on the pen fires up OneNote, which clicking it again syncs everything to the cloud. Double-clicking the pen fires the camera and drops the photo into OneNote.

The Surface Pro 3 also comes with a new multi-position kickstand.

This new stand can lock in the normal 22 degree position, or it can swing all the way to 150 degrees canvas mode, with infinite steps in between.

According to Microsoft this hinge took three years to develop.

Microsoft made a big deal during the announcement of the "lapability" of the new Surface Pro 3 tablet. Microsoft claims the device is much easier to use than the previous-generation Surface on laps.

Here it is being demoed by the WSJ personal technology columnist Joanna Stern.

The new cover, which attaches to the tablet using magnets, has been redesigned and features a new, more user-friendly trackpad. 

The keyboard will be available in a range of colors.

At the heart of the Surface Pro 3 is an Intel Core processor, and Core i3, i5, and i7 will be offered.

Microsoft says this is the thinnest Intel Core product ever made, coming in at only 9.1mm (0.358 inches) thick.

The Surface Pro 3 has enough power to run Adobe's Photoshop CC. Adobe is also working on a tablet-optimized version of this application specifically for the new Surface Pro 3. 

The Surface Pro 3 will be available in the following configurations:

- Core i3, 4GB RAM, 64GB storage - $799
- Core i5, 4GB RAM, 128GB storage - $999
- Core i5, 8GB RAM, 256GB storage - $1,299
- Core i7, 8GB RAM, 256GB storage - $1,549
- Core i7, 8GB RAM, 512GB storage - $1,949

Those are prices for the tablet only. If you want the keyboard you will have to fork out an extra $130, which takes the price of the cheapest tablet plus keyboard combo to $929. A replacement pen — if you ever need one — costs another $49.