According to a report by Digitimes, Apple could be planning an update to the iPad2 platform and unveiling a thinner iteration with better battery life in March 2012. Unfortunately, that would also suggest that the iPad3 won't be launched until at least the third quarter of 2012 and more likely in 2013. [9to5 Mac]
Lighter, a processor/RAM bump, and maybe thinner would be a decent upgrade worthy of any laptop line. Products don't need to be completely redesigned every year, nor should they since most companies, except maybe Apple, run enough product/sales to cover the R&D and overhead costs of the product line in a year.
These expectations for complete redesigns and leaps in specs every years is too much for any company. Good products like the Galaxy Nexus and iPhone 4S are getting bad reviews and trash-talked just because they haven't made a huge leap in technology from what was out 6 months to a year ago. Even though they are great products that anyone should be satisfied with.
The hype train needs to slow down and make a few stops once in a while.