The iPad mini is set to be announced tomorrow. Along with that, there are reports that the iPad 2 will be discontinued in order to make room for the new, smaller Apple tablet. The iPad 3 may also receive a small update, reports say.
Don’t expect anything major. It’s most likely back-end stuff that Apple is doing to cut manufacturing costs or enhance battery life. The biggest change could likely be the addition of a lightning connector. We don’t know for sure if it will be updated, but Apple once updated the iPad 2 mid-cycle in the past. Again, it wasn’t an aesthetic change. They just modified the A5 chip slightly.