The new iPad Air has just been announced at the Apple Special Event today, boasting a thinner, lighter frame with more powerful specs.

The new iteration in the iPad line is called the iPad Air and comes with a host of goodies both old and new. The tablet still comes equipped with a 9.7-inch Retina display, but is now 20% thinner, measuring 7.5mm thick and weighing in at exactly 1.0lbs. It will also feel lighter and easier to hold now that the bezel is 43% thinner.

As for the inside of the tablet, we're looking at Apple's new A7 chip that runs 8x faster than the original iPad and has twice the computer and graphical power of the previous iPad. The iPad Air also comes with a 5MP iSight camera, 1080p HD video, the FaceTime HD camera, dual microphones and improved backside illumination. Apple also claims that it will retain a 10-hour battery life.

Models will be available in silver/white and space gray/black models, starting at $499 for the 16GB WiFi models. Cellular models will start at $629. The iPad air will ship worldwide on Nov. 1.

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