Love your iPad 2 so much that you want to buy it a twin, but don’t want it to feel ashamed next to a brand new iPad? Good news, you can.

Apple just announced that it is going to continue the iPad 2 line, with a price point of $399 for a 16 gigabyte model. This is huge, as it lowers the entire price range of the iPad line, making the group of products quite a bit more affordable (20%), and therefore potentially widening their appeal.

A $399 device might appeal to customers who have never owned a tablet before, for example, or to students were balked at a $499 entry fee. Apple, assuming it can keep its margins strong, could be set to break its prior iPad revenue and profit marks.

You can read all our coverage of Apple’s event here, and our take on the new iPad here.

 The iPad 2 wont die: Will live on for $399