The new device is rumors to carry with it a 2048×1536 Retina display while offering a quad-core Apple A6 system-on-a-chip and quite possibly much faster mobile data speeds through 4G LTE capabilities.
The March 7 date falls in line with another prediction by tech blog AllThingD which also placed an iPad event for the first week in March.
When you take into consideration that Wednesday’s are traditionally an Apple reveal day the date makes sense at least on paper.
If the rumor of a quad-core processor is correct it would double the iPad 2 which operates using the dual-core ARM Cortex A9 processor.
Jumping to 4G LTE would also be good news for iPhone 5 hopefuls who are banking on Apple finally taking their mobile devices towards the 4G spectrum. Apple in the past has worried about battery drain and other issues caused by 4G but of late the company has been looking more towards the faster data speeds.
Among the devices other iLounge rumors are a better camera (5 or 8 megapixel) and a FaceTime HD front camera.
It’s likely that the iPad 3 will once again offer an entry level price of $499, likely with 16GB memory. That pricing may allow iPad 2 buyers to pick up devices for $399 or less.
At this time it’s all a bunch of rumors but those rumors are quickly mounting and March 7 or within a few days of that time at least appears to be when Apple will officially roll out the iPad 3.