Steve Jobs said it would never happen. Referring to its functionality, Jobs sensed that “unless your tablet also includes sandpaper, so that the user can sand down their fingers to around one quarter of the present size,” an iPad Mini would be “dead on arrival.” But considering the recent popularity of 7 inch tablets, Apple has had some time to rethink Jobs’ original positioning.

And now, after months of speculation, Apple has ultimately announced the release of the iPad Mini. The statement hinted, “We’ve got a little more to show you.” The press event will be held October 23rd, in San Jose, California.

So what can we expect out of the iPad Mini?

Well, for starters, although it has been stamped as the “iPad Mini”, this nickname is not official. Apple typically launches products 7 – 10 days after the official press announcement, meaning we will see the iPad Mini hitting the stores in early November (just in time for the holidays). As for cost, you can expect the price tag to read between $200 and $300. The display is rumored to be 7.85 inches, possibly flaunting a retina display. It might also possess 3G connectivity, steering clear of 4G to keep costs down. Other features might include dual speakers, a new lighting port, and an array of shell colors.

As for Jobs’ sentiments, time will tell…