Yea this "new" iPad seems to me exactly what the SE is, they've got a glut of components (likely from the deals they've had to make in places like India to source components there) and they are trying to reduce their massive inventory of said components to make way for the actual revamp of the iPad line likely coming later this year. Of course this model will stick around for quite a while (I imagine it's going to be the majority of sales).Traditionally smaller technology is more expensive, although with a tablet what offsets that is the size of the screen. Of course that's also changed in that the plus iphones are more expensive, but have more features/resolution, etc.
I see some spots where a new model can be introduced, it almost seems like that's what Apple is doing.