With the second-generation iPad mini now official, Apple is today slashing the price of the original model. The first iPad mini will remain in the company's tablet family priced at $299, a lower cost that could help Apple combat aggressive pricing from competitors like Google and Amazon. It doesn't quite match the $229 price point of the Nexus 7, but the original iPad mini now represents the cheapest way into Apple's tablet lineup.

Announced one year ago starting at $329, the original iPad mini — along with the iPad 4 — sold three million units during its first weekend of availability. Since then, research from NPD and others has shown that the smaller-sized iPad has quickly grown just as popular, if not more so, than the larger model.