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The latest rumor from Engadget is the iPad 2 will be powered by a Cortex A9-based multicore processor that Apple is likely to name the A5 processor. Engadget also claims the iPad 2 will feature a Retina like display, SD card slot, and Qualcomm wireless chipset allowing access to both CDMA (Verizon) and GSM (AT&T) networks. Lastly, they predict that the iPad 2 will offer an SD card slot, enabling photographers to easily load photos onto the iPad 2.

As for the A5, it is anticipated the A5 will feature a dual-core processor at speeds of 1GHz or above much like Nvidia’s Tegra 2 (that powers Android devices). Apple’s current A4 processor is based on the single core Cortex A8 ARM processor and powers the existing iPad, iPhone 4, and Apple TV. It is expected the dual-core A5 processor will find its way into the iPad 2, iPhone 5, and future Apple TV devices.