iPad (Apple Tablet) announced: GPS, WiFi starting from $499

Prices start at $499 for the sleek, full-color, half-inch thin gadget that is designed for a variety of media, from videos to games to electronic books and newspapers.

Apple is using the first chip to come out of its PA Semi acquisition in its new iPad, a processor called the Apple A4. Apple CEO Steve Jobs made the announcement at the media event Wednesday where the iPad was unveiled, according to Engadget’s coverage of the event, where he said, “It’s powered by our own silicon. The 1GHz Apple A4 chip. It screams.”