11:24AM PST: Thank you for reading, watching, and playing! We are going to check out the new iPad. Stay tuned for our impressions!
Tim Cook is wrapping up here: "Across the year, you are going to see a lot more of this kind of innovation. We are just getting started."
11:21AM: Tim Cook is back out. This is apparently called "the new iPad." Not the iPad 3 or the iPad HD, as it was predicted.
11:20AM: Phil is back out. The iPad 2 is going to stay on the market, he says. The iPad 2 starts now at $399!
Video time now of the new iPad.
11:13AM PST: Phil is back out. "All of iLife is on the iPad. Don't let anyone tell you you can't create on the iPad."
11:12AM: The photo journals look really cool. You can group photos and make Pinterest-like boards. iPhoto is available today in the app store.
11:09AM: There are some extra brushes too. So you can touch up photos with a brush. Also cool effects, including an advanced black and white app.
11:05AM: There is demo of iPhoto now. Editing looks really easy, very similar to on the Mac, but prettier. There's a dial at the bottom that let's you adjust everything with your fingers. Can't wait to play with this! Lots of applause for this app.
11:01AM: iPhoto is coming to the iPad! Has Smart Browsing, multitouch editing, new effects, etc.
10:59AM PST: He just showed a whole short film made using iMovie on the iPad. Crazy!
10:57AM: Sorry some technical difficulties. Looks like we are up and running again. New GarageBand with a Smart Strings feature for guitar lovers. Phil is now demoing iMovie.
10:50AM: Epic Games Mike Capps is up to demo Infinity Blade Dungeons. This game looks crazy awesome and… scary!
10:45AM: Autodesk is up showing their Sketchbook Ink app, it's a new drawing app that focuses on drawing. He is touting how great the resolution of the display is for this sort of activity.
10:43AM: By the way, those iPads on the stage from before are the new models. Namco is using it to demo a new flight game. The graphics look really slick.
Phil is bringing up some third-party app makers to show off some new apps. The first is from Namco, which makes games.
10:41AM PST: The apps have been updated to take advantage of the new display.
Here comes the price! $499 for the 16GB entry level model! COMING MARCH 16th. PRE-ORDER STARTS TODAY!
10:39AM: Phil promises 10 hours of battery life! And it is still is very thin.
10:36AM: iPad coming to Verizon and AT&T. You can roam around the world with both of them. They will also support a Personal Hotspot, so you can use the 4G signal from your iPad on your laptop, etc.
Phil is showing how you can load things way faster on the LTE iPad. Photos and video load noticeably faster with the LTE than the 3G version.
10:33AM: All signs point to this being a killer tablet. It has HSPA+, DC-HSDPA, and LTE!
The fifth feature: 4G LTE!
10:32AM: The fourth new feature: voice dictation! There is a new microphone key on the software keyboard. You can just speak and it translates it to text.
10:30AM: Also can capture 1080p video. Also has image stabilization.
Some beautiful shots taken by the camera being show. Looks impressive!
10:28AM: It also has a new iSight camera. It has a 5-megapixel sensor, backside illuminations, etc.
10:27AM: New iPad has the A5X chip! Quad-core graphics.
It has 3.1 million pixels. 2048 x 1536 resolution. 264 pixels per inch. Phil is doing some serious math on stage. We will just have to see what it looks like!
10:23AM: Apple's Phil Schiller is up to talk about the new iPad. It has a Retina Display. "You are going to see sharper images… Photos are just going to look amazing."
"Everyone has been wondering who is going to come out with a product that is better than the iPad 2? Stop wondering! We are!"
10:20AM: Tim is knocking other tablets and their apps. Comparing the Twitter app on the iPad to one on a Samsung tablet. It really does look A LOT better on the iPad. "This is why the competitive tablets aren't gaining traction."
There are 200,000 apps for the iPad. "You won't find these incredible apps on other tablets. In fact, there are over 100 competitive tablets that came to market just last year. You won't find that great experience."
10:17AM: "When we set out to create the iPad, we set out to create a new category." Tim is talking about how people love the iPad for everything - email, web browsing, photos, gaming, etc.
Apple sold more iPads last quarter than any PC manufacturer sold of its computers. Pretty incredible.
10:16AM: "Now for the iPad."
10:15AM: Tim is back to announce that the new Apple TV will be in store next week for $99.
10:12AM: Apple's Eddy Cue is now up demoing the new Apple TV interface. He is showing the full screen 1080p photo app on the new Apple TV. There's also a new movies interface. Looks pretty sleek.
10:10AM: Now 1080p movies and TV shows in iTunes. Now a new Apple TV that supports 1080p.
10:09AM: Tim's now chatting about iCloud and how you can keep all your photos, files, etc. in the Cloud. It now supports movies too!
10:08AM: More stats: 585,00 apps in the App Store. 25 Billion Apps have been downloaded.
10:07AM: Tim's talking about Siri and how she has different accents in France and Australia. And now Siri is coming to Japan.
10:04AM: Some stats: 315 million iOS devices sold ever, 62 million of which were sold in Q4 of 2011.
10:02AM: Tim's showing pictures of the new Amsterdam store. Looks pretty awesome. He's also showing the Grand Central Station store in a video.
"Apple has it's feet planted firmly in the Post-PC future," says Cook.
10:00AM: And Tim Cook, Apple's CEO, is out. He is says lots of exciting things to show us today. Tim is kicking it off by talking about the state of "post-PC" computing.
9:58AM: The lights are dimming.
9:53AM: Packed house here. Lots of excited journalists typing… on their iPads.
9:48AM: The usual stage setting - Apple logo and a desk off to the left with some iPads. Could be the new iPad, but we can't confirm that.
9:43AM PST: And we're in our seats.
Need to know what the new iPad will look like as soon as it is announced? This is the place to find out. ABC News' Joanna Stern will be liveblogging the Apple iPad event today, March 7 at 10:00 a.m. PST / 1:00 p.m. EST. Check here for updates then.