It’s been over five months since the Apple iPad hit stores. And now rumor mills are abuzz with speculation that Apple will be launching a new improved version of its iPad by the fag end of this fiscal or by the end of Q1 2011. The second generation 9.7-inch panels (or will they be 7-inch this time?) are expected to be ultra thin.

There is no denying the tablet market is heating up with the launch of Samsung’s Galaxy Tab and with news of Chinese manufacturer CTL gearing to launch its 2goPad SL10 tablet. There are others as well excited to jump into the fray. Didn’t we hear about Dell’s Inspiron Duo 10-inch convertible netbook lately? In such a scenario, if Apple does decide to bring on a new iPad, it won’t come as a surprise. Besides by the end of the fiscal, the iPad would also have completed a year in the market. And a 1-year refresh cycle isn’t strange for Apple.

What features will the new iPad come with? Will it be lighter than it is now, or smaller may be to compete with Android tablets? Will it include a camera and support Apple’s FaceTime video calling app? Well, there is no information yet. In fact, there is no confirmation either on whether a new iPad is getting launched at all by April. But the buzz has been enough to generate excitement among iPad users who already want Apple to incorporate some new features they have on their wish list. Watch this space for more.