Apple expected to update iPad this month
If things go according to schedule it's expected that Apple will be updating their iPad line later this month. That means updates to both the iPad Air and iPad Mini. It also means there's also rumors of what's expected in the next generation iPads. Some rumors are probably more likely guaranteed where others may be more far fetched.
One of the most likely features is the expected arrival of 802.11ac WiFi. 802.11ac was just added to the new iPhone 6 product line so it's a near guarantee that this will arrive in the next iPad. Another rumor that's likely true is the arrival of TouchID on the iPad. This has been available on the iPhone but was left out of the last iPad update. With the increased usage of TouchID in iOS 8 this is likely a given when the iPad is updated.
It remains to be seen if Apple Pay will arrive on the iPad. If Apple Pay arrives it'll mean that NFC needs to be a feature in the next iPad. Yet Apple may realize that users don't take their iPad into stores like they do with their iPhone. Also, unless a user has the 4G LTE model of the iPad there's not an always on connection which is needed for Apple Pay.
A rumor that seems relatively likely is the addition of Gold as a color option. Gold quickly became a popular color choice with the iPhone when it was added. Apple may add this color to the iPad which would help the color options of the iPad come closer to what's offered with the iPhone.
Another possibility is the introduction of a larger iPad. It's clear that both the iPad Mini and iPad Air will be updated. Yet there has been talk of a 12.9 inch iPad arriving in the near future. It's possible that this will be named the iPad Pro. With the standard iPad now being called the iPad Air this would be in line with the Macbook Air and Macbook Pro. In addition to the larger size it could also have some other pro-level features. Like the iPhone line Apple could instead choose to call it the iPad Plus. It's expected though that the 12.9 inch iPad won't be released at the October event. Instead it's expected to be released sometime in 2015.
Apple on a yearly basis tends to hold an iPhone event in September and then an iPad event in October. Last year in October Apple held the usual iPad event and also introduced OS X Mavericks. Already it's been said that OS X Yosemite will be released in October so it'll likely be released at the same event. Also, the new iPad will clearly come with iOS 8. It's expected that iOS 8.1 will be released in the near future allowing for the release of Apple Pay. This may happen at the October event.
At this time the rumored date for this event is October 21st. Apple tends to make announcements on Tuesdays so it's possible that October 21st is the date.