As the expected March unveiling of the iPad 3 creeps closer rumors continue to spread and today we have news of a smaller iPad, dubbed the iPad Mini that could be released. If this comes about it’s likely that a sub-$300 iPad Mini could eliminate rivals but is it likely to happen or not?

This is not the first time we’ve heard talk of an iPad Mini. This story has been doing the rounds for some time, even before the launch of the iPad 2. However last week the Wall Street Journal told how Apple was considering an 8-inch iPad, thus opening up the debate once more. Several experts who felt that Apple was unlikely to go smaller than the current 9.7-inch iPad then dismissed the claims of a smaller iPad once more. Yesterday we also told about some purported first images of the iPad 3 that had been leaked and again it appears to be the same size as the iPad 2.

However not everybody feels the same way and some even feel certain that an iPad Mini is definitely in the works. Senior manager of tablet and monitor research at IHS iSuppli, Rhoda Alexander, is one of these people and says, “Based on our sources, we’re very solid [in our belief] that Apple will release a smaller iPad that uses a 7.85-in. display, essentially an 8-in. screen, this year,” according to this article. Alexander also suggests that this iPad Mini could release in the fourth quarter of this year and what’s more predicts that by cutting storage memory and with costs saved from the smaller screen, Apple could afford to price this ‘iPad Mini’ at $299 or up to around $349.

Alexander dismissed the idea that the iPad Mini would need to compete with the $200 price mark of the Amazon Kindle Fire and instead felt Apple should aim its smaller iPad at a section of the market that wants an iPad but feels the current size is just too big. Alternatively, some consumers may even opt to own both a larger and smaller version for different circumstances. One of the major benefits it could bring to Apple though is taking on the competition. It already dominates the high-end of the tablet market but with a smaller lower-cost iPad could also outgun the lower and mid-end of the tablet market.

This certainly seems to make sense and there are many people who would love to own an iPad but find the current cost prohibitive. You may also be interested in a video that came out in December that spoke about the possibility of an iPad Mini release in late 2012 and you can see that below this story. We’re not ruling out the idea that this iPad Mini might emerge later this year in time for the holiday season then and would like to hear your thoughts on this.

If you wanted to spend around $300 on a tablet would you rather buy a smaller iPad from Apple or a larger tablet from another manufacturer? Maybe you’ve always wanted to see the current iPad in a smaller version for ease of use? Let us know by sending your comments.

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Tags: iPad Mini