‘Smaller, cheaper’ iPad coming this year, Bloomberg says

Along with the mythical iTV, a smaller iPad is perhaps Apple’s most heavily-rumored device right now — and Bloomberg is saying this afternoon that it’s coming with a launch date in 2012, just in time to put a damper on the Nexus 7’s plans. The new model would allegedly fall somewhere between 7 and 8 inches (compared to the current model’s 9.7) and not feature a Retina display, an omission that’s sure to keep the price down. Apple may be targeting an October launch, the story reports.