What to expect from the iPad 3

When Apple holds a press event Wednesday, everyone who's paying attention expects to see the much-anticipated iPad 3.

The latest version of the device that virtually defined the tablet market after its introduction in 2010, the iPad 3 will arrive at a time when competitors are beginning to put up a bit of a fight.

Amazon made a splash with its simpler, cheaper Kindle Fire over the holidays, and rival bookseller Barnes & Noble has countered with its popular Nook Tablet. The Acer Iconia A500 offers more memory than the iPad 2, while other companies have begun flooding the market with devices that are smaller and cheaper than Apple's standard-bearer.

And, just this week, Microsoft rolled out its Windows 8 operating system for tablets, suggesting that Windows-based tablets could be making a serious run.

So, what will Apple do to try to maintain its dominance? As usual, Apple has remained tight-lipped about what it's announcing. The company hasn't even officially said the event is for the iPad.

But it's been almost a year since the iPad 2's release, making the timing right for a refresh. And with the tech-centric South by Southwest Interactive Festival starting next weekend, it would make sense. Last year, Apple announced at the last minute it would be selling the iPad 2 at the Austin, Texas, event -- ensuring buzz among the tech influencers there.