9to5Mac reports that the long-expected smaller iPad, being dubbed the "iPad mini" here, will "look like a big iPod touch" with smaller bezels on the side of the display. In addition, the smaller tablet will feature separate volume buttons and a microphone on the back. It's not clear whether the iPad mini will have a camera, but it's certainly possible it might.
This iPod touch-like design makes a lot of sense for a number of reasons. For one, when compared to the Nexus 7 (and Kindle Fire, Galaxy Tab 7, RIM Playbook, etc.), this would give the iPad mini a similar, “purse-able,” and “big pocket-able” form factor but with a larger 4:3 display. The lack of a bezel on the sides will make it easier to hold too.
Launch information wasn't revealed.