When Apple (AAPL) unveils its latest iPad and iPad mini later this month, the Internet will not explode, as it did when the company launched new iPhones last month. That’s fair enough. The iPhone is Apple’s benchmark product. It accounts for half the company’s revenue. It commands more news coverage than any other mobile device. It’s Hannah’s phone on Girls.
Investors, however, should not ignore the iPad. The device is a critical piece of Apple’s....