2011 is the year of the iPad 2: And? So what? If they release iPad 3 in October, more iPad 2s will have sold in 2011 than any other model.
Apple can't ramp up production to do this: Yes, they can, and they are. Read the news. They are adding new iPad production lines. It would be just in time for an October release, if that is what they want to do.
Apple doesn't release products more than once a year: Huh? Of course they do! MacBooks in 2/08 and 10/08, and 5/09 and 10/09. Mac Minis in 3/09 and 10/09. iPod Shuffles in 2/08 and 9/08, and 3/09 and 9/09. iPod touch in 2/08 and 9/08. Macbook Air in 1/08 and 10/08. Macbook Pro in 2/08 and 10/08. iMac in 3/09 and 10/09. If Apple wants to reshuffle the iPad release schedule to be a Christmas release, you bet they will do 3/11 and 10/11.
Apple would piss customers off if they release a new iPad this soon: So? Nothing Apple does is considered right on this site, so why should Apple start catering to the whiners now? If the iPad 3 is ready, it will ship. If it isn't ready, it won't. When you bought your iPad 2 has nothing to do with it.
iPad 2 is selling too well, no need for iPad 3 yet: OMG, I hope you don't run a business with that sort of logic. Apple absolutely will replace a great selling model with a new model if they think it's the right thing to do. It's all those other me-too outfits who coast on success until the rug is suddenly pulled out from under them.
Does this mean there is an iPad 3 coming out in October? I dunno. I'm just saying all the reasons people have given in this thread against it are just wrong.