Apple’s announcement that they are finally bumping up the storage specs on the iPad is certainly good news. However, before laying down money for the 128GB model, there are some things to consider.

For one, most of us probably don’t need this much space on our tablet. This is especially true given that we are living in an era where cloud computing is finally taking off.

With iCloud, for example, users are able to pick and choose (over and over again) the media content they want installed on their iOS devices for offline use. And for many of us, it has become increasingly rare when a Wi-Fi connection isn’t available. Besides, thanks to streaming, storing local content has become much less important. Don’t believe me?

Ask any Netflix, Hulu Plus, and/or HBO Go customer.

Additionally, the bump in storage comes at a price. The 128GB iPad with Retina display is $799 for the Wi-Fi only model, and $929 for the Wi-Fi + Cellular model. At these prices, the iPad has clearly entered into premium territory.

Finally, look at the calendar.

The 128GB iPad, which launches on Feb. 5, will have arrived five months after Apple last announced a new generation of tablets. Given how quickly Cupertino retired the iPad 3, this new model could have an extremely short shelf-life.

This doesn’t mean that everyone should avoid the 128GB iPad. In fact, for many businesses, this model could prove extremely popular. Or at least Apple hopes that this will be the case.

In their press release, the company included quotes from executives at Autodesk, WaveMachine Labs, and Global Apptitude explaining why the 128GB will benefit them. And as ZDNet first suggested, the new iPad could prove ideal for medical imaging, as an electric flight bag for pilots, and for those that work with high-end video or music multimedia.

For all others, it may be best to avoid the 128GB model, at least this go around.

In my humble opinion, later this year Apple will likely drop the 16GB iPad from the lineup. When they do, they will likely make the iPad 5 available in 32GB, 64GB, and 128GB variations, but at current price points. In other words, I expect to see a $699 128GB iPad sooner rather than later.

Are you planning on purchasing an 128GB iPad?