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There are other explanations, of course, as Mark Gurman of 9 to 5 Mac points out. For instance, Apple could be "adding a new fourth-generation iPad SKU that is specific to government agencies, retail, or for other internal uses (this is something Apple has done before with other product lines). It is also possible that this model includes a feature (or features) other than 128GB of storage."
A tantalizing idea, that last one.
Predictably, Apple isn't commenting on the rumors and no launch events are scheduled.
Over at ZDNet, Adrian Kingsley-Hughes doesn't doubt that Apple will, at some point, release an "Ultimate iPad." But he's extremely skeptical that the device will ship anytime soon.
"I have little doubt that a 128GB iPad is indeed in the pipeline, but that it will be a new model – perhaps the iPad 5 – and that its debut will be concurrent with the elimination of the 16GB model," Kingsley-Hughes writes. "This would allow Apple to retail the existing pricing structure for the iPads, with the 128GB model costing $699 for the Wi-Fi model, and $829 for the Wi-Fi + Cellular model."