Honey, Tim Cook shrunk the iPad!

After months of rumors, Apple unveiled the iPad Mini -- a smaller version of its popular iPad tablet -- at an event Tuesday at San Jose's California Theater.

Measuring 7.9 inches from corner to corner, the iPad Mini will be in direct competition with similarly sized Android tablets from the likes of Amazon, Google, Samsung and HTC. The three previous editions of the iPad were all 9.7 inches across.

The iPad Mini is Apple's attempt to hit back and gain a foothold in the market for lower-priced tablets.

In fact, Apple's senior vice president of worldwide marketing Phil Schiller went so far as to do a side-by-side comparison of the iPad Mini and and the Nexus 7, a rival Android tablet, explaining point by point all the way Apple considers its own tablet to be superior. Specifically, Schiller argued that the iPad Mini offers a better app experience, with native iPad apps rather than "scaled up" and "stretched" phone apps; a lighter frame (despite having a bigger screen); and what Schiller argued is a better bezel design.

“We took the time to create a product that was a concentration of, but not a reduction of, the original product,” Schiller said.

There's one key element Schiller didn't compare side-by-side, however: price.

The Nexus 7, like many other 7-inch tablets, starts at $199. A Wi-Fi-only version of the iPad Mini will start at $329 for a 16GB model, while a Wi-Fi+cellular version will start at $459. Pre-orders for the iPad Mini begin Friday, Oct. 26 -- the same day Microsoft's own Surface Tablet debuts -- and will ship on Nov. 2.

At .68 pounds with a 7.2 mm aluminum exterior, the new iPad Mini will be 53 percent lighter and 23 percent thinner than the full-sized, fourth-generation iPad, which was also unveiled at Apple's Tuesday press conference. The iPad Mini boasts a 1024x768 screen resolution, on par with previous versions of the iPad.

The iPad Mini boasts a higher-definition FaceTime camera on the front of the tablet and a 5 megapixel camera on its back; 10 hours of battery life; an A5 chip; Apple's new, skinnier Lightning connector, and, like Apple's other iPads, its own, smaller Smart Cover.

In addition to the two new iPads, Apple also announced new versions of its MacBook Pro laptops, iBooks app, Mac Mini, and iMac computers.

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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

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  • iPad Mini Available In Black And White

    Source: Apple

  • iPad Mini

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  • 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)