There are a lot of rumors speculating about iPad 3 and iPhone 5 since the last few months. It's quite normal since Apple usually release a new product on January. Apple is known to held a press release on late January (source: PCWorld) and many people believe that they will announce a new product at that moment. Meanwhile, other report stated that Apple will announce a new product on February 24 at Steve Jobs' birthdate.
The rumors are getting hotter and hotter each day as the prime time is getting closer and closer. As usual, Apple's spokeperson never give any spoilers to anyone. Only time can tell what news will Apple bring to it's loyal customers.
You can see some of the features that might be included in iPad 3 and iPhone 5. Remember that this is only speculations, based on many sources, but it's not 100% accurate until Apple announced it officially.