As we’ve covered for what seems like forever, Apple today announced a smaller version of the iPad that will be called the “iPad mini.”

The iPad mini’s screen measures 7.9 inches diagonally and has a surface area of 29.6 inches. It is as “thin as a pencil” (7.2 mm) and  “as light as a pad of paper” (.68 pounds).  Apple’s key distinguishing feature of the device is the fact that the iPad mini is small enough to hold in one hand, while still retaining the functionality of the full-size models.

The iPad mini packs a dual-core A5 chip, a frontside HD camera for Face Time, a five megapixel rear camera, 10 hour battery, and a Lightning connector, making it compatible with the latest iPod touches, the iPhone 5 and the new fourth generation iPad.

The 16 GB iPad mini will start at $329, making it the cheapest iPad yet. A 32 GB version will go for $429, and the largest 64 GB size is priced at $529. You can pre-order the mini beginning this Friday, Oct. 26, with the WiFi versions shipping on Nov. 2. Cellular versions will ship two weeks later.

What do you think of the iPad mini? Are you buying one and if so, which model and color?

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