For video of event, click on picture on left.

Is this something that everyone will be carrying around soon? Probably.  Some specs now— it is .5 inches thin, 1.5 pounds and has a 9.7 inch IPS display.  It is powered by the 1GHz Apple A4 chip.  It will come with 16GB to 64GB of flash storage.  Battery life of 10 hours with a month of standby.

You can think of it as a giant iPod touch with 3Gs, with features of both iPod and iPhone.  I think that in a short time, college students will be carrying this around instead of 20 pounds of books in the backpack.  College textbooks will be here sooner than later.

Here is the best part.

11:19AM - “I’m thrilled to announce to you that the iPad pricing starts not at $999, but at $499.” Huge applause.

Jobs said the iPad will also be better for playing games and watching video than either a laptop or a smart phone. The iPad comes with software including a calendar, maps, a video player and iPod software for playing music. All seem to have been slightly redesigned to take advantage of the iPad’s bigger screen.
Tablet computers have existed for a decade, with little success. Jobs acknowledged Apple will have to work to convince consumers who already have smart phones and laptops that they need this gadget.
“In order to really create a new category of devices, those devices are going to have to be far better at doing some key tasks,” Jobs said. “We think we’ve got the goods. We think we’ve done it.”
Applications designed for the iPhone can run on the iPad. Apple is also releasing updated tools for software developers to help them build iPhone and iPad programs.
“We think it’s going to be a whole ‘nother gold rush for developers as they build applications for the iPad,” said Scott Forstall, an iPhone software executive.
A new newspaper reader program from The New York Times and a game from Electronic Arts Inc. were also demonstrated during the event. The audience, which included many journalists and bloggers, clapped and even gave Jobs a standing ovation.

From MacRumors:

At today’s highly-anticipated media event, Apple announced the iPad tablet device, featuring a 9.7-inch, 1024 x 768 display and 16 GB, 32 GB, and 64 GB capacities. Carrying a custom 1 GHz “Apple A4” chip, the iPad weighs in at 1.5 pounds and is .5-inch thin. The iPad will be priced at $499, $599, and $699 for the varying capacity models without 3G, and $626, $729, and $829 with 3G. Wi-Fi only models are scheduled to ship in 60 days, with 3G-capable model shipping in 90 days. A video preview is also available.

In terms of standard connectivity, the iPad offers Wi-Fi (802.11n) and Bluetooth 2.1+EDR, with 3G models also offering cellular data connectivity. All iPad models have an accelerometer, compass, speakers, a microphone, and a 30-pin dock connector. The iPad also offers a claimed 10 hours of battery life for viewing video, with 1 month of standby battery life.

Models with 3G will be unlocked and will be able to use GSM micro SIMs. In the U.S., AT&T will offer two data plan options – $14.99 for up to 250 MB per month and $29.99 per month for unlimited data. No contract is required for either option, and free access to AT&T’s Wi-Fi hot spots is included. Data packages for for iPad users outside of the U.S. will by in place by June.

The iPad will have standard apps for personal information management, including an address book and calendar, along with e-mail, Safari, Google Maps, and Notes. A special version of iTunes is also on board to provide an optimized browsing experience on the device’s 9.7-inch screen.

Accessories will also be available for the iPad, including a dock with a mechanical keyboard that will accommodate the iPad in portrait orientation and a case with a built-in stand for video viewing. Prices on these accessories were not announced. The iPad also supports Bluetooth keyboards.