I work for target and I can clarify this return policy.
Target offers a 90 day return policy on all products except cameras , camcorders, tablets, e readers and notebook pcs of which a 45 return policy is applicable. Target will accept the full return as long as its within the 45 days and as long as the serial number on the device matches the serial number on the box and the reciept. All original packaging and accessories must also be returned, regardless if the device was opened and used or not. The only items not eligible for a refund would be video games, DVD/ bluray movies, computer software, perishables.
This essentially means that you can purchases an iPad 2 today and still return it right before the new one is released, this is exactly what I did last year. I brought an iPad from target in feb..and returned it the Day before the iPad 2 was released.i also heard stories last year how many target stores wouldn't accept returns on iPads after the iPad 2 announcement..if you have any trouble making a eligible return, call the hq hotline you can get this number by asking any team member inside of any target store