But what exactly are its specifications and how does it compare to the regular iPad, aside from its size.
Below, we've summarized the most important specs of the iPad Mini.
For starters, it's slim and lightweight, weighing at 0.68 punds, that's about 50% lighter than the 10-inch iPad. The new iPad can easily be held with one hand which is 7.2 mm thick.
The inside specs is very similar to the iPad 2, which runs with the A5 dual-core chipset. The display is 1024 x 768 at 163 ppi - so no retina display there... something we think is reserved for the next iPad Mini.
Physically, it's exterior is the same as the iPhone 5, which skinny bezel, the 8-pin Lightning connector and will come in either black or white with anodized aluminum case - just like the latest iPhone.
It will have 802.11 a/b/g/n wi-fi, with Bluetooth 4.0 and optional 4G LTE connectivity, with 10 hours rated battery life.
Moreover, the new iPad Mini will come with a front-facing FaceTime camera at 720p resolution and a rear-facing camera with 1080p video or 5-megapixel photo capabilities.
Like all iPads, it will ship with a 3-axis gyro, accelerometer, compass and ambient light sensor - making it backward compatible to all apps in the market.
It will ship with iOS 6, the updated version of iBooks and Siri.
The prices for the iPad Mini starts at $329 for the 16GB wifi, while the 4G LTE capable version will be at $649 for the 64GB version. Others specs will be in between those two prices.
So are you buying an iPad Mini? Do you think this will replace the Amazon Kindle as the most gifted electronic gadget during the holidays?