You might have a group of dead pixels, and not a single dead pixel since they're so small.
Did you use a magnifier to zero in on it? Just curious.
The pixels are small, but that doesn't mean that you can't see a red one (or blue, or green, or black) in a field of another solid color. It just means you couldn't tell one from the next.
It's just that your eye won't be able to tell which is which. For example, stars in the sky are much smaller than the resolution limit of the human eye, but you can still see them as single points of light because of the contrast. In other words, if you have one red pixel on a full screen of white, at the normal distance, you can't see where one white one starts and the next begins. But you will still see the red one if you're looking for it. On the previous iPad, you could see each one without much of a struggle.
The likelihood of a cluster of immediately adjacent pixels all failing is pretty small.
people might say you're nuts, but you're paying $600. Why spend that money for something that has a defect...even if its the slightest issue.
IMO, go return it. You spent that kind of money, it should be perfect out of the box.
That's fault logic. In order to have a realistic expectation of near-perfection, you'd have to pay space program prices for everything, and even then it doesn't always work out.
Consumer products are all cheap because every single part of every single one of them has an acceptable variance built into it. You can spend more on nicer materials, have high expectations for build quality, and really overdesign and overengineer everything as Apple tends to do, but in a product with thousands of components, some are going to be less than perfect on every single unit shipped, no matter what you do.
Displays are particularly hard to build at volume, especially new displays just entering the market. So many of them end up in the reject pile that it constrains production, so you have to strike the right balance. If 0.5% of customers are going to find fault and return it, it's not worth throwing out an additional 5% of units to eliminate that fault, because not only is that 4,500 lost sales to perfectly satisfied customers for every million units, but it requires higher pricing to compensate.