Apple today announced the iPad Air, a thinner and lighter version of its tablet that weighs just one pound.

The new iPad Air runs on Apple's new A7 computer chip with a 64-bit processor, the new M7 motion sensor chip that Apple introduced in the iPhone 5S and a 5-megapixel camera as well as an FaceTime HD front camera designed to work well in low light. The iPad Air's 9.7-inch screen resolution weighs in at 2048x1536 pixels. The thinner Air is 7.5 millimeters thick. 

Apple claims the device has a 10 hour battery life.

The iPad Air will replace the fourth-generation iPad and will be available starting at $499 on November 1. Apple will continue to sell the iPad 2, starting at $399. The Air will run Apple's new iOS 7 operating system and come with Apple's suite of iWork productivity and iLife media creation suites for free. Apple has new "smart" covers and cases for the iPad Air and new Retina Display iPad Mini.