There are 4 iPad models to choose from: iPad Air, iPad 2 iPad mini w/ Retina, iPad mini. Lets take a look at what is new and different.
Internally the iPad Air and iPad mini with Retina are the same. The Air is obviously bigger but that is the only difference. They are also the only devices available in 128GB. All devices have a 10 hour battery. iPad 2 is available in White or Black. The Air and both models of the mini are available in Black/Space Grey & White/Silver. iPad 2 is also the only device running the older version of Bluetooth, 2.1. The other devices include Bluetooth 4.0. All devices come with iOS 7 and a 1 year warranty.
Which device should you buy?
This will depend on your intended use and finance. If you are looking for a laptop replacement then you should absolutely go for the iPad Air. If you are looking for portability, then the iPad mini with Retina is for you. Just making your entry into the iOS world and don't want to drop $400? Then the iPad mini is a great device to get started with. Purchasing a bulk quantity and do not need all of the bells and whistles? That's where the iPad 2 comes into play.
What Storage capacity should you buy?
Apple charges a crazy amount for doubling the storage size. Each jump will cost you $100.00. If you absolutely need to have a large music/movie/photo catalog with you at all times, then you should go with the 128GB. I always recommend going with the 32GB over the 16GB. Photos and videos take up a lot of space and can fill your device fast. Casual users that have a computer should be safe with 16GB.
What Color should you get?
That is all up to you. I can't make that choice for you. I can tell you that the white front with iOS 7 looks better then the black front. Other than that, all I can say is go play with the devices when they are available to see what you like better.
iPad 2 and iPad mini are readily availably now. iPad Air is available November 1 and iPad mini with Retina is available later in November.
You can find deals on the 4th generation iPad as retailers are trying to clear out stock of the devices. Another good option is buying refurb from the Apple Store. The devices available are cheaper, come with the same 1 year warranty that new deceives come with and each device is hand inspected.
I will be holding off on getting a new iPad for now. If I were to get one, it would be the Wi-Fi Retina mini, 32GB White/Silver. I wish it was available in Gold to match my iPhone 5S. What device will you be going with?