SAN FRANCISCO ( TheStreet) - Apple ( AAPL) announced a slew of new products on Tuesday, including the long-awaited iPad Mini. After demoing the product, as well as Apple's new fourth-generation iPad, it's clear that the tech giant still has a lead on its tablet competition. The smaller iPad Mini, which starts at $329 for the 16 GB Wi-Fi version, looks exactly like the larger iPad, but there's a whole lot more to it. The iPad Mini has a screen size of 7.9 inches, significantly larger than the smaller tablet offerings from Amazon ( AMZN) and Google ( GOOG) when you take into account actual viewing size. It's 49% larger when viewed in a portrait setting, and 67% larger in landscape mode, said Phil Schiller, Apple's senior vice president of marketing, during the presentation. The first thing I noticed was how light it felt. Apple CEO Tim Cook said it was as light as a pad of paper, and at 308 grams, it feels light and airy in your hands. It doesn't feel like a toy or flimsy, however. Apple did an excellent job of reducing the thickness (7.2 millimeters), while making sure it feels sturdy. "It's as thin as a pencil," Schiller said during the presentation. The tablet doesn't have Retina Display and uses the A5 chip Apple used on the iPad 2, so it's not the greatest tablet ever made, but it's definitely a step above the competition for lower-end tablets. T) and Verizon ( VZ), the iPad Mini, as well as the fourth-gen iPad, will be available on Sprint ( S).