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It's more to have the name reflect an exact model. Doesn't happen often.

Now iPad Air means the current gen forward. Before, iPad included all 4 generations, and even mini if one didn't specify so.

I suspect there will be a larger one at some point. So simply "ipad" is too vague.
 
Maybe Apple is reigning in the naming system and simplifying it? Instead of Ipad 5, 6, 7, etc. they'll simply call it Ipad Air for all iterations from now on regardless of spec bumps.

Then again I can't see them doing the same thing for iPhones so who knows?
 
...to me the name change - especially to that of 'air' - sort of suggests we'll see a more powerful iPad in the future. Perhaps iPad Pro similar to the Macbook lineup. Given that they went with the same A7 processor instead of going to the expected A7X (hasn't every iPad before this one had an 'x' processor that was slightly more powerful than the iPhone's?) and didn't include a Touch ID sensor I think Apple purposely held back for something. Either a more powerful iPad or perhaps just spoon feeding updates as usual and the Touch ID and A7X comes with next year's iPad.
 
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