At last Apple Inc. (NASDAQ:AAPL) has revealed the next generation versions of its iPads at its big media event today. The company’s flagship tablet is now called the iPad Air, rather than the iPad 5 as many have been calling it recently. After hearing the dimensions of the tablet, it seems clear why it earned the new name.

Apple ipad air

Apple’s iPad Air is the lightest 10-inch tablet

According to Apple Insider, the new iPad Air is 20% thinner at 7.5 millimeters. It weighs just a single pound, which makes it the world’s lightest full-size tablet. According to The Verge, the design does indeed have a smaller bezel, making the tablet’s footprint smaller even though the size of the screen is the same size. Overall, the design of the iPad Air is pretty similar to that of the iPad Mini, as we have been expecting it would be.

It has the same A7 chip that’s in the iPhone 5S, which means it features 64-bit architecture. It also has the new M7 motion processor that’s in the iPhone 5S and double the performance in graphics and CPU.

The new tablet starts out with a price tag of $499 for the model with 16 gigabytes of storage and goes on sale Nov. 1. It will be available in two color combinations, white and silver or black and space gray.

Will the iPad make up for Apple’s lost market share?

Apple Inc. (NASDAQ:AAPL) has been struggling to hold market share in the tablet category because of the scores of cheap Android tablets which have flooded the markets by now. The company is still the biggest tablet vendor in the world, but its iPad shipments dropped 14% during the June quarter, while its market share dipped to 32% from 60% in the same quarter a year ago.

Of course management reminded everyone of the record number of iPhones that were sold this year during launch weekend. The company is undoubtedly hoping for a repeat with the iPad Air launch in November.