Smaller iPad rumored for this year with 7.85-inch screen, price that's significantly less than $499 [UPDATED]

Smaller iPad rumored for this year with 7.85-inch screen, price that's significantly less than $499 [UPDATED]: It may be the weekend, but it looks like the rumors of a smaller iPad won't be taking any time off. A new report from The New York Times claims that Apple is prepping a new iPad with a 7.85-inch display that's expected to be formally introduced later this year. This is according to the good 'ol "people with knowledge of the project," who also say that the smaller iPad will probably cost "significantly less" than the $499 new iPad. Unsurprisingly, Apple opted not to comment on this latest rumor....