Our take: Apple is experiencing increasing competition in the tablet market, but that hasn't stopped the buzz around rumors of a new version of the iPad.

Apple is reportedly prepping an iPad Mini — a roughly 7-inch version of its juggernaut tablet — and the timing of the chatter couldn't come at a more interesting time.

Both Bloomberg and the Wall Street Journal reported that Apple is prepping the iPad Mini. The between the lines reading: The iPad Mini chatter is designed to freeze folks who want a smaller iPad and may ponder the Nexus 7.