It will be slightly thicker and heavier than the iPad 2, because it needs a larger battery to sustain its 10-hour life.
Apple said yesterday it would keep the basic model of the iPad 2 in production and would drop the price.
Wellington technology commentator Peter Griffin said: "There's really nothing revolutionary there in terms of new functionality ... no game-changing technologies.
"I think the exciting part of it really is that the iPad 2 is going to be pretty cheap now ... ultimately, I think increasingly a lot of people will be getting by at home on tablets."
The iPad 2 will remain in production but its 16GB model price dropped from $799 to $579.
At yesterday's launch in San Francisco, Mr Cook spoke of a "post-PC" era dominated by products like the iPad.
But Jason Bell, general manager of merchandise for the Noel Leeming Group, which includes Bond & Bond stores, said so far indications were that tablets were being bought to complement PCs, not replace them.
"We're still getting good growth in notebook sales, year on year."
The new iPad will be 9.4mm thick. That compares with 8.8mm, or 0.34in, for the iPad 2.
The weight is going up from 0.6kg to 0.65kg for the Wi-Fi-only model. The original iPad weighed 0.68kg.
BIGGER
* Arrives in NZ on March 23.
* New Zealand price not yet announced.
* Sharper screen and faster processor among features.
* iPad 2 price dropped to $579 from $799.