Apple Planning Low Cost iPad Based on iPad 1?

More just in, but like the last we reported on, these tit bits of information are not about the size, l, but instead about a low-cost .

Brian Blair, an analyst from Wedge Partners believes that Apple are working on a smaller, 7.85 inch iPad, but this won't be a budget model of the tablet, and that Apple will actually launch a separate budget iPad for the $249-$299 price point.

This actually reminds us of a post we published back in August from the Chinese press who suggested that Apple are working on a budget iPad based on the original iPad 1 and its hardware.

We reported that the 'new' budget iPad would be available as a $299 16GB model or $399 32GB model, with only wifi versions of the budget Apple tablet being made.

Other details included the fact the budget iPad will have an Apple A4 Chip, 10 hour battery, 9.7 inch 1024 x 768 LCD display, 802.11a / n wireless, Bluetooth 2.1 + EDR, accelerometers, compass, all wrapped in a slightly thinner, lighter body.

Could these rumors be related?