Consensus has the iPad 2 sporting at least a front-facing camera, more memory, and a thinner and lighter body. There is a good chance of a rear-facing camera, more storage, a more powerful graphics processor, better speakers, and iPhone 4-like sensing capabilities such as gyroscope.
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What the iPad 2 won't have: Retina display. For technical reasons, Apple needs to double the iPad's current resolution in order to improve it. Apple has been working (and spending billions) with suppliers to do this-but a higher resolution won't be ready in time for the iPad 2.
"I think the iPad 2 is going to play catch up to the iPhone 4, with the exception of a higher resolution," . He also would like the iPad 2 to have a multi-core chip for better multitasking. "They desperately need it. Multi-tasking on iOS is painful."
Whether or not Jobs will present the iPad 2 is anybody's guess, of course. But odds went up after Jobs, who is on medical leave, was healthy enough to show up at a dinner of Silicon Valley's tech titans and President Obama last week.