The branding seems to contradict that idea. If it's just an update, then why not just keep calling it "the iPad", without appending a Big Shiny Version Digit? You know, like they do with all of their other desktop and notebook products?
Because eventually there's going to be an iOS version or an application that only runs well on version X of the iPad. It's a lot easier for a user to understand "Only works on iPad 2 or better" then to understand "Only works on iPads manufactured on or after March xth 2012".
System Information was actually the easiest way to get such a specifier before Lion, which now shows the "MacBook Pro 13-inch, Mid-2009" in the brand new "More Info..." of "About This Mac".
Apple rarely does radically new devices. That happens maybe once every three years or so. They also support older devices for a relatively long time when it comes to mobile devices (and for a relatively short time – but still not really short, but short compared to Microsoft – when it comes to PCs).
Look at what they do, don’t try to read something into their product names.
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† Which we don’t even know yet.