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iOS 7 is Lion now, if you know what I mean.

Exactly. OS X 10.7 was the biggest design change since OS X 10.0, and iOS 7 was the biggest design change since iOS 1.

iOS 8 will be for A5+ devices, and it will be more optimized and faster than iOS 7. The iPhone 4 is the only iOS 7 device that may not get iOS 8.
 
I imagine the iPad 3 will not get ios 8, however iPad 4 is a definite, imo

I'd imagine the 1GB of RAM will give it iOS 8, though I'd also imagine that (a) iOS 8 is the third generation iPad's last major iOS release and (b) it'll run slowly, though hopefully not iOS 5.1.1 on first gen iPad slow, because that was barely usable. Put it this way, the third generation iPad will not age as gracefully as the iPad 2, fourth generation iPad and (likely) iPad Air will, simply due to it being somewhat underpowered out of the gate. Again, hopefully it ages better than the first generation.
 
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