That name will never work. Period!
However, that size could work in a "Pro" model. I think around 11.9" would be more successful than 12.9". This would be great for designers and artists. I'd get a 12" for work, and a Mini for home to throw on the couch. Done and done!
What kind of specs would an iPad Pro have? A larger battery could afford a more powerful processor. I'm thinking a quad-core A7 running between 1.6-1.8Ghz. The current iPad is a dual-core A6X running at 1.4Ghz and has a Geekbench of 1777. So a roughly 15% processor speed increase and double the cores could potentially result in a Geekbench around 4100. I mean, at that point you're talking a mid to late 2009 Macbook Pro or iMac in terms of power. You can do real work with those machines. Sure, they're slower compared to the quad-core i7s of today, but iOS has less overhead. Stick 2-4GB of ram in an iPad Pro and now you're talking. A pressure sensitive display would be icing on the cake. A USB port could also be useful for an advanced version of iOS.
Perhaps the iPad Pro would also run hybrid version of iOS and OS X. Think more like iOS on steroids, letting you do a little more in terms of multitasking, file management, customization with more advanced APIs, USB connectivity, etc. Still fully touch OS, but take advantage of that extra screen real estate to make more room for content and controls. That's one of the biggest problems with Photoshop Touchit just feels cramped. How could I use that all day?
Of course this change in screen real-estate would make existing iPad apps not quite run very well on an iPad Pro. I could see it being a situation where it emulates the regular iPad app, blowing it up for the display (or keeping it same size in the center?), and the iPad Pro apps would be specialized for professional users. The apps would likely be more expensive, but higher quality versions for doing more advanced work.
But what would Apple use for the display? I've looked around, and from what I can tell (and aside from a custom-cut solution) there isn't really anything that fits the 1.33 aspect ratio, while also being 12-13", at a retina resolution similar to the current iPad. Although retina resolution would be slightly lower as the device would be held from a little further away, but still the Pro would likely have a higher resolution screen. I don't think a 16:9 (1.78) ratio makes much sense, but something in between like the Macbook Pro's 1.6 might work: 2560x1600. I believe this will keep the screen reasonably sharp while also maintaining a resolution that is realistic in a portable form factor.
So all of this being said, this is my somewhat-realistic but still a dream iPad Pro:
1.8Ghz Quad-Core A7X Geekbenching between 4500-5000
4GB Ram
64/128/256GB
LTE and GPS standard
2560x1600 display 11.9"
Pressure sensitive display which supports stylus for drawing
USB and/or SD card port
Advanced "iOSX" type OS that lets you do more than standard iOS
12 hour battery
1080p front camera
I wouldn't mind if they left out the rear camera.
$999 64GB
$1099 128GB
$1199 256GB
These prices would make a little more sense if the regular iPad lineup goes to 32/64/128GB standard at the current 16/32/64GB prices and just eliminates the 128GB price point.
What we'll LIKELY get in a Pro:
1.6Ghz Quad-core A7X Geekbenching 3500-4000
2GB ram
64/128GB
LTE and GPS cost extra
2560x1600 display 11.9"
Pressure sensitive
USB port
Same old iOS but maybe iOS 7 will have a few things the Pro could take advantage of, such as USB support for more devices
10 hour battery
1080p front camera / 8MP rear camera
$899 64GB / $1029 LTE+GPS
$999 128GB / $1129 LTE+GPS
I'm not really trying to predict anything, these are just some of my most recent thoughts on the matter. Is anyone else thinking something similar?