In 2012, Apple could significantly revamp its entire lineup of products, including the iPhone and iPad, according to a new report by Digitimes. The biggest news here is that the New Year may bring with it two new iPads. In the process, Apple could have a line of iPads for the very first time.

Apple used 2011 to begin offering three different iPhone models to consumers, something it might do next year with the iPad. In March, the Cupertino, California-based company would launch a slightly different iPad 2. (Perhaps an iPad 2s?) By the end of 2012, however, a significantly different iPad 3 would launch.

Apple has asked makers in the supply chain to develop flat panel modules and LED light bars for two iPad prototypes, codenamed J1 and J2, the sources revealed.

Assuming this information is accurate, it makes a lot of sense. After all, Apple used last month’s iPhone 4S event to also announce cheaper pricing for the iPhone 3GS (free) and iPhone 4 ($99). The company could be gearing up to do the same with its iPad product.

For example, the current iPad 2 could eventually become the cheapest of a line of Apple tablets, which would include the iPad 2S and iPad 3. In doing so, Apple would almost certainly drop the price of the older iPad models, as it did with the iPhones. In other words, for those folks that are only buying a Kindle Fire or another tablet because they are cheaper than what Apple is current offering, you might be wise to wait.

Meanwhile, Digitimes suggests the iPhone will also experience a significant upgrade next year. While the report does not specifically mention the new handset’s name, one could assume this would be the long-promised iPhone 5, which would look quite different than previous models.

Finally, the report states Apple will also “overhaul” the company’s MacBook Air and iMac. Missing from the list is the Mac Pro, the company’s most expensive product, which could be retired.

We’ll hear a lot more iPad and iPhone rumors in the next few months. Naturally some of these will prove correct, while others won’t. As such, take these and other rumors with a grain of salt – at least for the time being. Also, Digitimes‘ rumors don’t always pan out, despite claiming each time their reports are based on discussions with Apple suppliers.

What do you think? Is Apple wise to offer an entire line of iPads? Let us know by using the comments below.