It usually doesn’t take long after the release of a product for things to start bubbling (true or false) about the next version. That looks to be the case with Apple and the iPad. According to DigiTimes, Apple is working on a smaller version of the iPad (5-7 inches) supposedly for release in Q1 2011. The rumor continues to state that the price point is below $400 and the target is those who just want a reader and aren’t interested in text input. I’m not seeing this one as a possibility but then, you never know.