Yes, the iPad 3 is coming out, so is the iPhone 5 and a new updated Macbook Air. When is anybody's guess, but we all know they are going to be announced eventually.
I've been asked a few times, recently, about wether to buy a computer, ipad, iphone, etc. or wait until the new version comes out. No matter what you buy or when, there will always be a better, faster and cooler update that comes out right after you buy it. I recommend buying the latest you can afford when you actually need it. Is your iPhone 3gs working fine? Keep it until it doesn't work, then buy the latest version you can. Who knows, by then the iPhone 5 might be available. Is your laptop failing? Get the best you can afford now. You could wait until the next version comes out, but since there is always a next version, you will wait forever.
I found a quote from The Apple Blog that sums it up perfectly:
"The best gadget in any given category is the one that you can use right now, in terms of most people’s needs."
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