The majority of people who brought the iPad 3 didn't buy the iPad 4. Maybe they picked up the iPad mini, maybe not. If they *don't* release the iPad 5 in March, then their Q1 and Q2 sales will be utterly disappointing and Apple stock will drop to $300 or $200. Also, people who brought the iPad 3 will have to wait until later to upgrade. There's also always the people who want to have the latest and the greatest (trixie), so Apple milks more money off them and the iPad 3 owners. Meanwhile, expect a iPad Mini 2 in late 2013.