At launch the new device will only work on Wi-Fi Networks and will cost $500, $600 or $700 depending on the amount of data storage you want.

If you want the better version, which supports connection to 3G cellular networks, you’ll want to wait until late April, when those models will launch at price points of $630, $730 or $830.

Analysts expect the iPad to sell some 550,000 units during the launch period and over 1.2 million by fiscal 2010. That number is expected to jump to 3.5 million units by fiscal 2011. That’s opposed to the 8.7 million iPhones sold last quarter alone.

The device is like a gigantic iPod Touch if you haven’t seen it before, and is meant to be a new category of device that’s bigger than a phone but smaller than a laptop.

The iPad has a larger 9.7-inch (25 cm) LED backlit multi-touch display with a pixel resolution of 1024×768, 16 to 64 gigabytes (GB) of flash memory, a 1-gigahertz (GHz) Apple A4 processor, Bluetooth 2.1, and a 30-pin dock connector to sync with iTunes and connect wired accessories. It also is the first device to support a new platform known as the iBookstore, which will compete with Amazon’s Kindle through a service much like iTunes, which sells reading material and best-selling books.

This video explains all the features and gives you an in-depth look at the iPad.

Features that the iPad lacks however include: built-in camera, Adobe Flash support, a widescreen aspect ratio, the ability to run more than one application at once, USB ports and the fact that the iPad only officially supports software downloaded from the App Store.

Via Yahoo