CUPERTINO, Calif.—Apple's Monday press event fulfilled our expectations of a new iPad reveal, which came in the form of the iPad Pro. However, this isn't the same device that launched last year. Apple's Phil Schiller demonstrated the new 9.7-inch model, whose 32GB, Wi-Fi-only model will launch for $599, while its storage will top out at 256GB for $899.

The new model borrows some of the best elements of the iPad Pro, including a four-speaker array and an updated screen that offers Apple Pencil support. The new device also sports dimensions closer to those of the iPad Air 2, including a 9.7-inch, 2048x1536 resolution screen. (Surprisingly, Schiller didn't mention that its body somehow had the same thickness as the super-skinny iPad Air 2 at 0.24 inches). "It's the lowest reflectivity of any tablet," Schiller said about the "True Tone" display. "True Tone" actively measures brightness and ambient light temperature, and Schiller said the display is also 25 percent brighter than the iPad Air 2.

We expected a processor on par with the last iPad Pro's A9X, and we're getting exactly that processor in this smaller Pro version. The new iPad has also seen a camera boost to a 12MP sensor capable of 4K video recording and a 5MP front-facing FaceTime camera with Retina-display flash.

In addition to the Apple Pencil, the new iPad Pro will support a newly sized Smart Keyboard—along with other accessories that will plug into the device's Smart Connector. Should you wish to fake more like a Surface Pro user, you'll soon be able to use Lightning-port accessories like an SD card reader and a USB camera adapter.

Online orders for the iPad Pro, which will ship in four colors (including the line's first rose-gold option) begin on March 24. The devices ship starting March 31. In addition, price drops are coming to the rest of the iPad line: $399 for the cheapest iPad Air 2, and $269 for the cheapest iPad Mini 2.

If you prefer the 12.9-inch iPad Pro line, by the way, you'll also be able to snap that model up in a 256GB configuration, which will set shoppers back $1099.

Apple's Cupertino event has just concluded, and you can revisit all the action in our liveblog. We'll update this post as new information becomes available.