iPhone 4S Now, iPad 3 or iPad Mini Later?

So, which is it going to be -- the iPad 3 or the iPad Mini?

The iPhone 4S was finally released on Oct. 14 to the eager masses waiting in line to get their hands on the latest Apple product. But when it comes to Apple, the question is always: what is next?

The rumor mill is turning with gossip about an iPad 3 release for possibly as early as March 2012.

Tech Radar reports on possible specs for the model.

First, there is the chance that an iPad 3 could contain a quad-core processor. ARM partners are distributing this design at the end of the year. So, if the iPad 3 does not come out until months into 2012, it may very well contain this advanced system.

There are talks of a possible HD screen. In April 2011 Digitimes reported that Apple was seeking out panel makers to develop screens with higher image quality.

Since the new MacBook Pro and MacBook Air both contained Thunderbolt USB ports, the iPad 3 may very well have that too.

TechRadar says there could also be a Secure Digital card slot for memory and an improved camera (especially since the iPhone 4S has this upgrade).

Other sources believe that it is not an iPad 3, but rather an iPad Mini on the horizon.

CNET reports that there are whispers of a 7-inch Apple tablet, or the iPad Mini. The price would fall around the $200 mark.

Ticonderoga Securities analyst Brian White, who is currently involved at technology trade shows in China and Taiwan, said that a miniature Apple product is very possible.

Our research is pointing to the unveiling of a lower priced iPad in the first few months of 2012 that is aimed at expanding the company's market potential by tapping into a more price sensitive consumer segment, White wrote. Essentially, this 'iPad mini' will also fend off the recently announced Amazon Kindle Fire that addresses the low-end tablet market with a $199 price tag but could lead to bigger tablet ambitions from the online retailer in the future.

Thousands of fans waited, or even camped, outside of Apples stores for the release of the iPhone 4S.

First evaluations have been positive. Reviewers, such as Dwight Silverman who writes for Chron.com, said that even though the look of the iPhone 4S is the same as the iPhone4, the inner workings are drastically different.

Increased speed, a better Safari browser, Siri voice command, an upgraded camera and built-in iOS 5 all prove to be striking selling points.

The iPhone is Apple's highest-margin product, writes MSNBC. The smartphone is the world's best-selling and accounts for 40 percent of Apple's annual revenue.

As many as 4 million could be sold by the end of the weekend.