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The real question the OP should be asking is get a refurb 3 now or wait til the 5? The ipad 4 is a bad value right now given the insignificant improvements over the 3. Chances are you could resell the 3 and not lose much at all.

^ THAT

iPad 3 refurb is the BEST value right now
 
Improvements to the iPad 4 over the iPad 3

http://www.gizmag.com/ipad-4-review/24849/

1. New A6X chip with 1.4 GHz dual core processor with Quad Core Graphics
with a Geekbench score of 1766 over the iPad 3 score of 757

2. Lightning Connector

3. Front Camera is updated but is still 1.2 MP with a higher than VGA front shooter in the iPad 3

4. WiFi improvement supporting dual-band (2.4 and 5 Ghz) May or may not see any improvements
 
Right now, in would hugest to wait. The iPad's released this year will cover the losses from iPhone 5S. I am however more excited for the iPad Mini Second generation. With the rumored retina display and upgraded specs, there will be no separation between the two except for screen size & price.
 
We don't technically know when the 5 is coming out, but I've been debating back and forth about whether to wait or not. If I buy it now and the 5 comes out in April, I'll be ticked at myself for not waiting. If it doesn't come out until late summer or fall, I'd be content with not waiting.

Would you buy the iPad 4 right now or wait?

you should wait until the iPad 7 comes out. It will be better than any of these!
 
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