iPad Mini debuts for $329, surprise iPad also coming Nov. 2

Not only did Apple deliver exactly what consumers expected at its Oct. 23 event in San Jose, Calif., but it also surprised owners of the latest traditional iPad with a serious case of buyers’ remorse. In addition to its anticipated unveiling of a smaller, less expensive iPad Mini, and upgrades to its existing line of laptop and desktop computers, Apple surprisingly released a fourth generation of its iPad – just seven months after launching its third-generation version in March.

As expected, the iPad Mini will have a 7.9-inch screen that maintains the proportions of the larger iPad so that application developers aren’t burdened with another screen size to take into account. The smaller tablet has a 1024 x 768 non-“Retina” display with the same number of pixels as the second-generation iPad, which was released in March 2011. In fact, many of the specs are similar to the iPad 2, except in a significantly smaller package. The iPad Mini is 7.2 mm thin and weighs 0.69 pounds, compared to the 8.8-mm thick and 1.33-pound iPad 2. The iPad Mini will hit stores Nov. 2 with a starting price of just $329.

Out of the blue, Apple also released a new iPad. At the same price $499 starting price-point as the third-generation iPad, the fourth-generation iPad has a better display, twice the processing speed and graphics performance, an improved camera and high-speed 4G LTE data capabilities. It will ship Nov. 2.

"We're not taking our foot off the gas," said Apple chief executive Tim Cook.

Perhaps the most visually stunning release was the new iMac, which ticks in at just 5 mm at its thinnest edge (see a gallery of the new products here). Apple shed eight pounds off of the product’s weight and stripped it of a DVD drive, while introducing a new memory system – called an “Apple Fusion Drive” – for faster performance. The 21.5-inch iMacs start at $1,299 and ship Nov. 2, while a larger, 27-inch version will be available in December. Apple also upgraded its Mac Mini desktop tower.

Apple’s best-selling computer, the 13-inch MacBook Pro, was also upgraded. The laptop was outfitted with a Retina display to match previous upgrades to the 15-inch model, and possesses a thinner, lighter profile. When closed, the laptop is three-quarters of an inch thick and weighs 3.57 pounds. It ships Nov. 2 with a $1,699 starting price.

During the presentation Cook also showed off some impressive sales statistics for the iPad. Two weeks ago, he said, the company sold its 100 millionth tablet and sales of iPads in the second quarter of 2012 topped the total PC sales of any other individual computer manufacturer. Finally, 91 percent of tablet Internet traffic came from iPads.

"We're already so far ahead of the competition,” said Phil Schiller, Apple’s senior vice president of worldwide marketing, "I can't see them in the rearview mirror."

Here are the highlights:

Scroll below for the live blog as the announcements occurred.

1:53: Schiller is holding up the iPad Mini. It's amazingly thin.

Apple has scheduled a news conference for 1 p.m. today at the California Theater in San Jose, Calif. It is expected to unveil a miniature version of its signature iPad tablet. The latest rumors call for a $300-to-$350 device with a 7.85-inch screen, as opposed to the standard iPad's 9.85-inch screen, without a retina display. Some also expect the company to release updates to the MacBook Pro laptops, and the iMac and the Mac Mini desktops. Follow along with the live blog above and let us know what you think in the comments section below.