We just got some pretty wild information from one of our Apple sources and while it’s hard to believe at first, it does make sense. We have exclusively been told that the reason Apple just added multitouch gestures for the iPad in the latest iOS 4.3 beta is because the iPad will be losing the home button. Yes, we are told that Apple, at some point in time, will remove the home button from the iPad’s design. Instead of button taps, you will use new multitouch gestures to navigate to the home screen and also to launch the app switcher.

That’s not all, however. In addition to the home button disappearing from the iPad, we’re told that this change will make its way over to the iPhone as well. Our source said Apple employees are already testing iPads and iPhones with no home buttons on the Apple campus, and it’s possible we will see this new change materialize with the next-generation iPad and iPhone devices set to launch this year.

Additionally, we’re told Apple’s popular photo-taking application, Photo Booth, will be appearing on the next iPad. It’s also very possible that we’ll see iLife apps for iOS unveiled around the iPad 2 release as well.

It has been said that Steve Jobs didn’t want any physical buttons on the original iPhone at first, and it looks like he may soon get his wish.