“What this device does is extraordinary,” Jobs said at an invitation-only event.

The tablet will act as a sort of missing link between a smartphone and laptop.

TABLET TALK STEVE JOBS BIG DAY VIDEO

Jobs was still unveiling details of the device Wednesday afternoon, calling it “a truly magical and revolutionary product.”

Like an iPhone, the device is reported to have 3G and Wi-Fi connections and run applications available through Apple’s App Store in iTunes. It’s also expected to shake up the e-reader market by displaying books and newspaper and magazine articles on its color screen.

Some members of the struggling print media have expressed hope in recent weeks that a popular Apple tablet could renew interest in their content while bringing new revenue through subscription plans or iTunes purchases.

The company has been considering designs for such a device since as early as 1983 and some smaller consumer-electronics companies already have rolled tablet computers onto the market.