Apple on Tuesday announced the iPad Mini, a shrunk down version of its best-selling iPad.

"There is nothing as amazing as this," Phil Schiller, Apple's senior vice president of worldwide marketing said when announcing the product, saying that it's as thin as a pencil and as light as a pad of paper.

The iPad Mini screen measures 7.9 inches diagonally, which is about 2 inches smaller than the iPad. It is 7.2mm thick, about the width of a pencil. At .68 pounds, it's about half the weight of the fourth generation iPad.

The iPad Mini has a front-facing HD camera for FaceTime, and a 5-megapixel iSight camera on the back that can shoot video in 1,080p. The tablet comes equipped with a dual-core A5 processor, the same processor that's in the iPad 2.

Unlike the third-generation iPad (announced earlier this year) and fourth-generation iPad (announced on the same day as the Mini), the iPad Mini is not equipped with Apple's highly touted Retina display. The 1,024 x 768 display is identical to that of the iPad 2's.

But unlike the iPad 2, the iPad Mini comes with Apple's new Lightning connector, the same 5-pin connector that's that found on the iPhone 5 and fourth-generation iPad.

The WiFi versions of the iPad Mini, which is available in 16-, 32- and 64-gigabyte models, range from $329 to $529. LTE connectivity is an additional $130. Apple will begin taking iPad Mini orders on Friday, and the WiFi models will begin shipping on November 2, according to the Associated Press.

Schiller said the battery life on the Mini will last 10 hours. It is available in both black and white.

Take a look at the slideshow (below) to see photos of the iPad Mini. Then, read on for more about the new fourth-generation iPad and the 13-inch MacBook Pro with Retina, which Apple also announced during the iPad Mini event.

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  • Apple Introduces A New iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at the Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • iPad vs. iPad Mini

  • Apple's New iPad Mini

    Source: Apple

  • Apple's Phill Schiller With iPad Mini

  • iPad vs. iPad Mini

  • The iPad Family

  • iPad Mini Has Same Display As iPad

    Source: Apple

  • Nexus 7 vs iPad Mini

  • Horizontal View Of The iPad Mini

    Source: Apple

  • Facebook For iPad Mini

    Source: Apple

  • iPad Mini

    Source: Apple

  • The iPad Mini Insides

    Source: Apple

  • Horizontal View Of The iPad Mini

    Source: Apple

  • iPad Mini

    Source: Apple

  • iPad Mini

    Source: Apple

  • iPad Mini

    Source: Apple

  • iPad Mini

    Source: Apple

  • iPad Mini Available In Black And White

    Source: Apple

  • iPad Mini

    Source: Apple

  • iPad Mini's Weight

  • Nexus 7 vs. iPad Mini

  • iPad Mini With Its Own Smart Cover

  • Using The iPad Mini

    Source: Apple

  • iPad Mini Cover

    Source: Apple

  • Inside Apple's Big Announcements

    Bianca tells Josh about the side-by-side product comparison Apple demonstrated at their recent press conference.

  • Apple Unveils iPad Mini - What You Need To Know

    Josh and Bianca chat about the just-announced iPad Mini.

  • iPad Mini Announcement

    Josh and Bianca discuss the highlights of the new iPad Mini--does it measure up?

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini (L) and fourth generation iPad are displayed after they were unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad minis are displayed after their unveiling at an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks as the new iPad mini and fourth generation iPad are unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller displays the date when the new iPad mini and fourth generation iPad will be available to the public during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. Apple introduced the new iPad mini at the event, Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks as the new iPad mini and fourth generation iPad are unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller shows the prices of the new iPad products during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. Apple introduced the new iPad mini at the event, Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller shows the prices of the new iPad products during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. Apple introduced the new iPad mini at the event, Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller shows the prices of the new iPad products during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. Apple introduced the new iPad mini at the event, Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks displays the new iPad mini after it was unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook (L) displays the new iPad mini after it was unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks displays the new iPad mini after it was unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks displays the new iPad mini after it was unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks displays the new iPad mini after it was unveiled during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces A New iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at the Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces A New iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at the Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces A New iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at the Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces A New iPad

    SAN JOSE, CA - OCTOBER 23: The new iPad mini is displayed after its unveiling at the Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad mini is Apple's smaller 7.9 inch version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPad Mini during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad Mini is Apple's smaller version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)

  • Apple Introduces Latest iPad

    SAN JOSE, CA - OCTOBER 23: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPad Mini during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. The iPad Mini is Apple's smaller version of the iPad tablet. (Photo by Kevork Djansezian/Getty Images)