Apple unveiled the new-generation iPad at an event hosted on March 7 in San Francisco, presided by the new CEO Tim Cook. While similar in design to the iPad 2, the new tablet sports much more powerful hardware under the hood, a high resolution Retina display and a better camera, among other exciting features.

Set to go on sale on March 16, the new iPad sports a powerful quad-core A5X graphics processor, a resolution of 2048 x 1536 pixels and 3.1 million pixels on a LED backlit liquid crystal display. The new tablet will be available in three different configurations: 16GB, 32GB and 64GB.

The new iSight rear-facing camera comes with face-detection technology, autofocus, white balance, in addition to a 5-megapixel illuminated sensor, Hybrid IR filter, 5-element lens and Apple’s ISP built into the A5X processor. It will also allow 1080p video recording.

The third-generation iPad will be Apple’s first device to support 4G LTE (Long-Term Evolution) and will allow people to use the device as a personal hotspot for up to five devices.

While Apple’s iPhone 4S released back in October featured modest upgrades, the new iPad makes a greater leap, sporting considerably better features than the iPad 2. The overall design remains the same, but the new iPad is slightly thicker and heavier.

The 2048 x 1536 pixels resolution is a great improvement compared to the iPad 2’s display which only supported up to 720p high definition, with a resolution of 1024 x 768 pixels. The new tablet will run on iOS 5.1, a new version of Apple’s mobile operating system. Prices for the latest iPad start at $499, while the 16GB iPad 2 now retails for a discounted price of $399.