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Apple's annual mac expo is the end of January where it's expected to have new iPad and iPhone announcements. Product releases then usually hit around march april. As for the ipad the main change is rumored to be a camera. Other than perhaps more memory there's not much missing on the iPad.
It would take something really amazing on the iPad 2 for me to trade up. I have no need for the camera and am quite happy with my ipad right now.
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