Apple today introduced iPad 2, the next generation of its magical device, evolutionary features in place. The iPad 2 will arrive in US stores by March 11.

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Apple CEO Steve Jobs has appeared in person to announced the company’s much-awaited iPad 2 – which features a faster processor and two video cameras.

iPad 2 features an entirely new design that is 33 percent thinner and up to 15 percent lighter than the original iPad, while maintaining the same stunning 9.7-inch LED-backlit LCD screen. iPad 2 features Apple’s new dual-core A5 processor for blazing fast performance and stunning graphics.

iPad 2 includes two cameras, a front-facing VGA camera for FaceTime and Photo Booth, and a rear-facing camera that captures 720p HD video, bringing the innovative FaceTime feature to iPad users for the first time.

Though it is thinner, lighter, faster and packed with new features, iPad 2 still delivers up to 10 hours of battery life that users have come to expect. iPad 2 is available in black or white. Apple also introduces the innovative iPad 2 Smart Cover in a range of vibrant polyurethane and rich leather colors.

iPad 2 comes with iOS 4.3, the latest version of the world’s most advanced mobile operating system, with new features including faster Safari mobile browsing performance; iTunes Home Sharing; enhancements to AirPlay the choice to use the iPad side switch to either lock the screen rotation or mute audio; and Personal Hotspot to share an iPhone 4 cellular data connection over Wi-Fi.