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Perhaps the real question should be - what quality of life improvements could an upgrade even offer? I’d be surprised if anyone is genuinely feeling limited by the performance of an M4 iPad. And if someone is, I’d be curious to know what they’re doing with it, because I can’t even get my M2 to break a sweat!
I’m upgrading from 13 inch M4 with 256mb to 13 inch M5 with 2TB. I have several reasons for this. One is my wife is using my M1 which feels like brick when she sees my M4 - that’s hers now. I also want to have heaps of vids/media files, basically I don’t want to back up holiday pics/vids etc, want them all at my finger tips, also fave tv shows/movies/sports/music - 2TB will be awesome for that. I’m recently retired and use my ipad every day for hours, life is short and I’m not short of $ so why not pamper myself with the best? I asked GROK AI should I upgrade in my position and it was a resounding yes, I deserve it : )
 
If you have 1TB M4 iPad Pro, is the M5 a skip? Or is there enough there with other upgrades to proceed?
There's no way I would upgrade if you already had a 1TB/16GB M4 iPad. I have two 16GB/1TB models (M1 and M2) and I'm not upgrading either (mostly to avoid PWM issues with the OLED displays).
 
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