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Apple released its newest innovation, the iPad computer tablet, at a special conference on Wednesday. The mobile device company set the Internet community ablaze with its release, sparking a mad frenzy of blogging and tweeting on the web that lasted until the wee hours of Thursday morning.

"What this device does is extraordinary," Apple CEO and Co-Founder Steve Jobs said.

The release of the iPad came as little surprise to tech bloggers, many of whom anticipated the release of a tablet-like device when they heard about Apple's invite-only press conference.

Jobs unveiled the device Wednesday afternoon. Attendees were given an overview of the iPad's capabilities, as well as an opportunity to demo the device after Jobs' presentation.

The iPad "is so much more intimate than a laptop, and so much more capable than a smartphone," Jobs said. "It's phenomenal to hold the Internet in your hands."

Weighing in at 1.5 pounds, the iPad has been heralded as the ultimate combination of a smartphone and a netbook by tech critics. With its half-inch depth and 9.7 inch multi-touch screen, the iPad bears a striking similarity to the iPhone. Indeed, many critics have begun to refer to Apple's latest release as little more than a "glorified iTouch."

The iPad's main functionality is to serve as an Internet browser. With the Safari web browser built in, users will have no trouble surfing the web. Other built-in applications, such as an in-depth calendar, an address book and a photo viewer, make personalized usage a breeze, according to Jobs.

Because Internet connectivity is so important, iPads will be released with two different options. Base models include Wi-Fi adapter cards, meaning they can access the Internet from any available wireless network. More advanced models will include a 3G wireless card that will enable users to use internet connectivity anywhere inside the 3G network coverage area of AT&T, Apple's only current network carrier.

One of the biggest surprises concerning the iPad's release was the price. In one of the most memorable cases of reverse-sticker shock in recent memory, Apple announced that the base price for the iPad was $499, half of the anticipated $1,000 sticker price most industry experts were expecting.

The iPad comes in several varieties. There are three different amounts of built-in memory customers can chose from- 16, 32 and 64 gigabytes. Models cost $499, $599 and $699, respectively. Adding 3G connectivity capability costs an additional $130. Consumers will also have to purchase a separate data plan from AT&T.

Every application that is available for the iPhone is available for the iPad, though critics did express some concern over cross-platform compatibility. The iPad uses Apple's proprietary iPhone OS software. Many of the layout and control schemes are virtually identical, due to Apple's continued use of its revolutionary multi-touch screen.

One of the most touted features of the iPad is its ability to function as an e-reader. This places Apple in a position to directly compete with Amazon and its recently released Kindle e-reader. The iPad also plays host to a new store called Booksite. This will function similarly to the iTunes music store and the App store.

Watching TV and videos is another featured aspect of the iPad. The iPad's 9.7 inch screen and potential to display movies in 720p will allow users to watch movies and YouTube videos in HD quality.

PC World noted that, while the applications and visual effects work well with the new gadget, there are several drawbacks to Apple's initial release. The iPad does not come with a camera and, like it's iPhone cousin, does not support Adobe Flash Player, which can prohibit internet browsing experiences.

Apple is not letting customers pre-order iPads at this time. Wi-Fi models will ship to Apple stores sometime in March, and 3G-enabled models will ship within 30 days after that.