iPad 2: Wi-Fi 16 GB, $399; with cellular 16 GB, $529

Some have argued that this product matrix leaves no room for a small iPad, which "ideally" has to be priced at $299, given the pricing for iPad 2 and the new iPad.

But the key issue is how potential buyers see a small iPad in relationship to other Apple products, or possibly to rival products.

"Since the use cases of 7-inch tablets and media players [like iPod touch] are different, we're essentially looking at two different markets," says Sameer Singh, founder of Tech-Thoughts, and an analyst with Finvista Advisors, a mergers and acquisitions consulting firm based in India.

Singh predicted in August an iPad mini starting price of $299 based on his estimates of a bill of materials for the smaller tablet, based on what we know about the current full-size iPad.