Apple Planning Launch of Updated iPad with 128GB of Storage?

We're not sure Apple's product release strategy is all that sound these days, but for what it's worth, the Cupertino company is reportedly getting ready to release yet another iPad SKU. The newest iteration will be part of the fourth generation iPad family, meaning it's another incremental upgrade rather than a completely new model.

Un-named sources told 9to5Mac that the new iPad will be a premium model priced at around $799 for the Wi-Fi model, and $929 for the Wi-Fi + Cellular version. Other than the price, it's unclear what will be different about the newest SKU versus existing fourth generation iPads, though there's a good possibility it will ship with 128GB of onboard storage, twice as much as the current flagship model at 64GB. If that's the case, here's what Apple's 9.7-inch iPad lineup will look like:

• 16GB Wi-Fi / Wi-Fi + Cellular: $499 / $629
• 32GB Wi-Fi / Wi-Fi + Cellular:: $599 / $729
• 64GB Wi-Fi / Wi-Fi + Cellular: $699 / $829
• 128GB Wi-Fi / Wi-Fi + Cellular: $799 / $929

A 128GB iPad has already been hinted at in pre-release iOS 6.1 code, which holds references to 128GB iOS devices. There have also been 128GB references in Apple's iTunes 11 software.