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After months of speculation and hype, Apple unveiled a portable device Wednesday called the iPad that will attempt to usher in a new era of touch-screen tablet computing, filling a gap between smart phones, laptops and eBook readers.

Apple’s CEO Steve Jobs unveiled the iPad to a rapt audience, calling it "the most advanced technology in a magical and revolutionary device."

He said the iPad bridges the divide between laptops and smart phones, giving people a unique experience. The iPad "is so much more intimate than a laptop," he said, "And it’s so much more capable than a smartphone."

He said the device — half an inch thick and weighing 1.5 pounds — would be available within 60 days starting at $499 for a 16 gigabyte Wi-Fi model, with larger storage sizes and 3G wireless data connectivity through AT&T taking the price up to $829.

In form and function, the device resembles a large iPhone or iPod Touch with a large 9.7-inch high-definition, LED-backlit screen and a 10-hour battery life. The iPad will offer a scaled-up iPhone experience complete with the iPhone operating system and access to almost all of Apple’s 140,000 iPhone apps.

But the device breaks new ground for Apple in that it will include a new Apple iBook store, pitting Apple directly against Amazon’s Kindle service.

The device offers access to Apple’s iTunes catalog of music, movies and TV shows. The iPhone’s browser is expanded for the iPad as are a number of other basic functions. Apple also created iPad versions of popular iWork suite productivity applications Keynote, Pages and Numbers, which will sell for $9.99 each.

Apple, however, passed on a camera for the iPad, ruling out the possibility of video conferencing. There is no Adobe Flash support so web video viewing is limited. And despite the larger screen, Apple has not enabled app multi-tasking.

Applications will play a large role in the success of the iPad, just as it helped propel the iPhone and iPod Touch. Jobs said almost all 140,000 apps will be able to run in a scaled-up, full-screen version on the iPad or in its original form.

Stephen Wildstrom, an independent technology analyst said the iPad feels like an offshoot of Apple’s Macbook laptop line, focusing on portability, rather than the outright mobility of the iPhone. He said Apple has a chance to lead a fledgling category with its strong combination of hardware and software.

"The iPad can succeed without hurting anything existing today," he said. "The iPhone didn’t kill the smart phone industry, it expanded the market. Here, they’re creating a new market."

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