Things kick of at 10 a.m. PST, 1 p.m. EST. For live photo updates, check out Engadget's live blog.
10:00 Tim Cook takes the stage! He opens with talk about the post-PC movement, and how Apple has three strong products in this area with the iPad, iPhone and iPod. Post-PC products made up 76 percent of Apple's revenue.
10:03 Apple has 362 retail stores and 110 million visitors in the last quarter of 2011. Now showing off Apple's new massive store at Grand Central Terminal in NYC.
10:07 Apple sold 315 million iOS devices last year. Tim Cook loves Siri and now it's expanding to other parts of the world. Opening up to Australia, France, Germany and now Japanese with iOS 5.1, releasing today.
10:11 New Apple TV! Now supports 1080p officially. Still runs streamlined iOS, so no official app support yet. It's starting to look more like iOS, though. Apple's Eddy Cue now gives a demo.
10:13 It connects to iCloud so you can get all of your media streamed to the Apple TV. Now showing off movie streaming. Will recommend new movies to you based on what you've seen before.
10:16 New Apple TV $99. Orders open today and they're shipping out March 16.
10:17 Tim Cook is talking iPad. 15.4 million of them sold in the last quarter. Maybe they should have waited? Cook boasts that the iPad outsold any other company's PC sales.
10:19 Tim Cook is now going on about how everybody loves the iPad, etc, etc... clearly he's building up to something. What could it be?
10:20 Over 200,000 apps custom to the iPad. Uh oh, things are about to get catty. Cook is comparing apps to a Samsung tablet, criticizing the Android Twitter and Yelp apps looking like they was meant for a smartphone.
10:22 New iPad. Cook is calling it amazing. But of course he would!
10:23 Phil Schiller is up to demo. Retina Display confirmed. Sample photos of how clear the text is on the new iPad, though they're likely just mockups since they're blown up on a huge projected display.
10:25 2048 x 1536 resolution for 3.1 megapixel screen. That's 264 ppi and enough for Apple to still market it as "Retina" when held 15 inches away from your eyes. 44 percent better saturation.
10:27 A5X CPU with quad-core graphics. Something has got to drive that massive rez.
10:29 New camera. Looks to be a 5MP version of the iPhone 4S camera with the 5-element lens. 1080p video recording. Now people will look a little less ridiculous using a 10" tablet as a camera. Ok, maybe they will continue to look ridiculous, but now it will be acceptable on a technical level.
10:32 Next new feature: voice dictation. Mic button on bottom of keyboard. Voice recognition... perhaps with a sprinkle of Siri?
10:33 4G LTE confirmed. We suppose battery concerns aren't huge when you have such a massive battery. Now demos of how much faster is on LTE. Shown on both AT&T and Verizon. Will be coming to Rogers, Telus and Bell in Canada. When outside of the LTE bands, the iPad will roam on 3G bands. Will also now be a personal hotspot if your carrier enables it. Bye bye LTE sticks?
10:38 What about battery life? Same as the iPad 2, even when on 4G.
10:39 9.4mm thin, 1.4lbs. Slightly heavier than iPad 2, so more electronics inside. Maybe battery too.
10:40 Same prices as iPad 2. 16GB $499; 32GB is $599; 64GB for $699. 4G $629, $729 and $829. Preorders start now. March 16 launch.
10:42 Compatible with all current apps, but there will be scaling. Same as jump from iPhone 3GS to iPhone 4. Expect some lag in getting new "Retina" apps.
10:43 Now some game demos. Namco game called Sky Gamblers. Looks a bit like Ace Combat. Pretty impressive to render all this at such a high resolution. Exclusive to iOS and launching later this month.
10:46 Next demo is from Autodesk. More pixels and better colors will hopefully mean better iPad for artists. People can zoom in as much as they like to create massive canvases. Can even export over 100 MP images!
10:50 Epic Games is on stage. Ready for eye candy? Infinity Blade: Dungeons. Stunning graphics at that resolution. A bit of stuttering though, so perhaps we're already at the limit to what the GPU can do at the hefty 20x15 rez? Still, Sony should be worried about how this makes the PS Vita look. This is already pushing more pixels and memory than anything on Xbox 360 or PS3. No release date yet.
10:55 Now that the fun and games are over, Schiller is back talking about how Apple has updated iWork, iLife with iMovie, Garage Band, etc with support for the new iPad. Schiller shows off how an entire video was shot and edited on the iPad. 1080p now with a nice camera, so that's cool.
11:02 Demos of new Apple apps continue. Now about iPhoto. Some pretty impressive things that you can do right from the iPad. A guy is working on photos captured by a Nikon D300S. That camera kit stays relevant.
11:08 And the photo editing demo still continues. Definitely very powerful, but we're suffering from "new hardware details" withdrawal.
11:14 Software demos are now over. Now time for an iPad promo video. Undoubtedly this will be featured on the Apple website shortly.
11:20 One more thing: iPad 2 is staying around. $399 now for the 16GB Wi-Fi model.
11:21 Oddly, so the line up is iPad 2 and "The new iPad"? That can't be right. So the evolution has been iPad, iPad 2, new iPad? Perhaps Apple really is dropping it like it works with the iPod and MacBooks. But now are people going to call it the iPad 3G (third gen) that has 4G?
11:23 Yup, that's it.