Essentially the same as the most recent fourth generation iPad but with greater storage capacity, this new unit will reportedly retail for $799 for the Wi-Fi edition and $929 for the Wi-Fi + Cellular option.
The previous models--16GB, 32GB and 64 GB--are all still available at the same price points as before.
With the introduction of the Retina display, storage has become more of an issue with both the iPad and iPhone. While 16GB had been an acceptable amount prior to the higher-resolution display, users with the Retina models have seen that space shrink considerably, as applications have been retooled to better utilize the new resolution. The resulting apps are now much bigger in size, eating up even more storage space than before.
As such, a 16GB iPad or iPhone now has as little as 12GB, even before any apps, video, music or photos have been added.
The new 128GB iPad gives users who like to carry large amounts of such media with them the power to do just that. And, with the release on iOS 6.1 on Monday, Apple also announced that more than 300,000 native iPad apps are now available.
More on the new product can be found on the Macworld.com site.