As expected, Apple unveiled a new, smaller, easier-to-hold-with-one-hand iPad Tuesday. YNN's Adam Balkin filed the following report.

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NATIONWIDE -- The iPad is proud to announce a new addition to its family, a little brother or sister, depending on what gender you assign your tech gadgets; the thin-as-a-pencil, light-as-a-legal pad 7.9-inch iPad mini.

"This just isn't a shrunken-down iPad," said Phil Schiller of Apple. "It's an entirely new design with a beautiful aluminum-and-glass enclosure where every detail is finely crafted. All of the software created for iPad all works on the iPad mini, unchanged.

The non-mini iPad is also getting an upgrade, simply called the fourth-generation iPad. That iPad will provide users with better performance.

"Two times CPU power, two times graphics power, new image processing and it's energy efficient. The same 10 hours of battery life of the previous generation," Schiller says. "And the cellular version has LTE with greatly expanded coverage."

As far as the mini goes, though, pricing is what's going to stick out when you compare it to many of the other seven-inch tablets that recently hit the market. For example, the starting price for Amazon's Kindle Fire is $170 less than what you'll pay for the lowest-level mini.

The iPad mini will start at $329 for the Wi-Fi only 16-gigabyte model and run as high as $659 for the 64-gigabyte Wi-Fi and cellular version. The fourth-generation iPad 16-gigabyte Wi-Fi starts at $500 and gets as high as $829 for the 64-gigabyte Wi-Fi and cellular.

Preorders start Friday. Wi-Fi-only versions start shipping Nov. 2. Wi-Fi and cellular versions will ship two weeks after that.