With all these extra compute and graphics resources, is the iPad 4 experience twice as good as the iPad 3? In most cases, no. Browsing a variety of websites on both tablets seemed identical. Scrolling long lists seems just as fast and smooth on both devices. Launching apps seems no faster, nor does downloading and installing apps, syncing or backing up data over Wi-Fi, or running productivity software. For a large majority of tasks that most users will face, using an iPad 4 is just like using an iPad 3.
Even more surprising, perhaps, is the much improved GPU seemed to have no noticeable effect on 3D games. I played Asphalt 7 and Infinity Blade II for long stretches, and the area of the back of the iPad where the processor is located got about as warm as the iPad 3. I honestly didn't notice one iota of improved performance, graphics quality, or frame rates.
It seems many games just don't tax the GPU to its fullest potential. A contact at Rockstar Games confided there is a lot more that can be done with the A6X's hardware, but it may be some time before a game that really shines on the iPad 4 makes it in to the App Store.
For these reason, we feel most current iPad 3 owners don't need to rush out and upgrade to an iPad 4; at least, not just to have the latest, fastest processor or GPU.
That isn't to say the A6X doesn't provide some tangible benefits. In particular, any app where you are stuck wanting for a spinner, that wait will be reduced on the iPad 4, sometimes significantly. I spent a fair amount of time editing photos in iPhoto and video in iMovie. Overall, the apps feel pretty much the same as they do on an older iPad. But rendering operations are definitely faster.
Another area where the iPad 4 definitely has a subtler, but noticeable improvement, is in certain user interface operations. Dragging and manipulating UI controls or objects absolutely appears to animate much smoother. I found this was true across all of Apple's "iLife" applications, including iPhoto, iMovie, and GarageBand. There were also subtle improvements in higher end software such as Nik Snapseed and Alien Skin Alt Photo.
If you spend a good amount of time editing photos or video, or recording or mixing audio, an upgrade to the iPad 4 would be worth the money. iPads tend to hold a fair bit of value on the used market, and you might be able to upgrade for a cost differential of around $200 or so.