Real Deal: Apple's Tablet iPad

PHILADELPHIA - The wait is over. After long speculation, we finally know what Apple's latest product is all about.

Fox 29 Consumer Reporter Michelle Buckman reported all of the buzz meant one of two things: either it would be a big disappointment, or huge success.

It was the latter.

So what is an iPad? Think of it as a laptop and a smartphone combined. Size-wise, it's right in the middle, and it's just under $500.

At Springboard Media in Center City, Apple addicts gathered around their Macs to watch the big announcement. All they got was scratchy audio and bootleg pictures, but it was good enough.

There was Steve Jobs in his jeans and black turtleneck, holding Apple's latest creation.

And that's the point. The10-inch, 1.5 pound iPad is still portable but more user-friendly.

"It's so much more intimate than a laptop, and it's so much more capable than a smartphone," Jobs said.

It's capable of Web browsing, e-mail, music, games, e-books, video and photos.

Showing a map on the screen, Jobs said, "Let's go to Paris. Here's all the photos I took in Paris. Just tap to open them."

Basically, the iPad can do everything the iPod Touch can do, only bigger and better.

"It's phenomenal – a whole Web page right in front of you, and you can manipulate with your fingers," Jobs said.

"There hasn't been a really successful tablet PC launch ever so, if Apple is able to pull this off, this will be a milestone in the industry," said Anthony Mongeluzo, of Pro Computer Services.

The iPad supports a new online bookstore, iBooks, clearly challenging Amazon.com.

"I think Kindle might be dead," Mongeluzo said.

But it could help bring the newspaper and magazine business back to life.

"Imagine if you were reading a news article and there was a video in it. It's really cool," said one of the onlookers at Springboard Media, which had a waiting list for the iPad even before customers knew what it was.

"People that love Apple. They want it no matter whatever it is!"

"This is another testament to how Apple's creativity is just different. It's literally in their DNA," Mongeluzo said.

So what does it cost? Just under $500, but that's the least-expensive version. There will be three different models, the 16-, 32-, and 64-GB, priced at $499, $599, and $699, respectively.

Another $130 gets you Wifi and 3G. The device comes Wifi ready, but there are also 3g plans being offered through AT&T that cost between $15 and $30 a month.

When can you get your hands on one? The first iPad will ship in 60 days. The 3g models will take another month.

How could this change the way we read magazines and newspapers? Like the way iTunes changed the way we buy music, this could change the way we read. Newspapers and magazines have been giving away content online for free for so long. This could give them a forum where they can charge for content.

The iBook store will probably surpass Amazon's Kindle. And while it could hurt bookstore sales, publishers may do all right because they won't have to print so many copies.

Click here to watch a portion of Jobs' demonstration of the iPad Wednesday afternoon.