Jeremy Horwitz from iLounge has posted rumors about the iPad 3 and what his sources say we should expect.

Some of the included were upgraded front and rear cameras with HD FaceTime on the front and an 8MP sensor on the rear. His sources believe the rear camera may in fact be the same as the iPhone 4S.

Horwitz, who has had good information in the past, also dispels rumors of the next iPad hitting in January or February, and instead suggested it will follow the same March/April release cycle the iPad has been on since it debuted in 2010, and that the iPad 2 will stick around at an entry-level price of $399.

Source: iLounge via @horwitz