Hasn't been specified yet, but it's aiming for a release date of Fall 2010.
Just get the iPad now, and update the OS later.
I have been waiting for a long time, I've had my iPad for two months and expecting the upgrade eagerly, I hope it's August because I heard it would be released with iAds on November, and that would be waiting for too long.
Nevertheless you can just buy your iPad and have the Free upgrade (hopefully) when it comes out.
Confirmed. I was told by our area sales rep that the new IOS for the iPad was due out (hopefully) in Aug. I agree with pelicanflip... just get your iPad now and upgrade later. Their are too nice to wait it out.
Arghh...I came here thinking I was going to get the release date.