Apple is expected to unveil a new, smaller iPad today, October 23rd, 2012, at 10AM ET/1PM PST, with a launch of the device expected for sale on November 2. Invites to the event were sent out last week. 

This is the most anticipated iPad release yet, bringing the apples-and-oranges competition between Amazon’s Kindle Fire and the newly-releaced Google Nexus 7 to a boil just in time for the holiday gift-giving season of 2012. We’re all extremely excited to see what this heavily rumored new form factor will bring to the table, and how Apple will position the device in its already spectacularly successful line of iOS devices.

The iPad 2 was announced in March of 2011, with the new iPad (not the iPad 3, as we all assumed) was revealed in March of 2012. The iPad 2 broke the thinness barrier of the iPad one, and brought faster CPU and graphics enhancements, while the iPad 3 upped the ante to Retina-quality resolution and a faster, warmer CPU.

What will the iPad mini do to convince us all we need yet one more of Cupertino’s magical devices in our households? In this Cult of Mac rumor roundup, we’ll examine everything we think we know about the iPad Mini.

Adding more fuel to the ‘iPad Mini’ fire, a new report from Bloomberg says that Apple is planning to launch a cheaper 7-inch iPad in October. The device will feature a non-Retina 1024×768 display. In theory, the third-gen iPad would still serve as Apple’s premium tablet with a Retina display and faster internals, and the 7-inch iPad would be priced around $200 to compete with tablets like the Kindle Fire and Google Nexus 7.

Rumors saying Apple is planning a smaller version of the iPad won’t die, and a new report sheds more light on the rumored product. Fueling past rumors that Apple is interested in creating a 7-inch iPad at a cheaper price point, iMore claims that the company is planning a 7-inch iPad for release this October alongside the next-gen iPhone.

But that’s not all! The most interesting claim is that the upcoming 7-inch iPad will be priced between $200-$250. Also, the tablet will feature a Retina display like the third-gen iPad, keeping the same 2048×1536 resolution, according to the report.