It’s practically a given that device manufacturers will come out with some range of product updates each year, just to keep up the pace of technological advancement. Given that Apple is one of the biggest players in the tech market, it may be a good idea to take stock of what the Cupertino-based firm has in store for us this year.

Possibly the most prominent rumor of the past few weeks is the possibility that Apple will release a lower-cost iPhone that takes current-generation hardware and sticks it into a cheaper, polycarbonate case. While most analysts are convinced that this sort of device is coming, the devil is in the details. It isn’t known if it would be the same size as the iPhone 5, or it would be a more compact unit in the same vein as the iPhone 4/4S.

Another rumor is that Apple would introduce new colors to the eventual successor to the iPhone 5, which for now is believed to be the iPhone 5S. This may give users an iPod Touch-like array of eventual color choices.

On the tablet front, the iPad Mini should keep its chassis intact, but get updated internals that would bring it to current specifications—as opposed to the current model’s iPad 2-derived components—including a Retina Display. For its part, the full-size iPad should get a design update that puts it on the same page as its smaller brother, with a slimmer side bezel.

With respect to release dates, there’s very little that’s certain. Some reports suggest that the iPad may get updated in a few months’ time, just six months after the current models were released. However, some analysts suggest that a Q3 or Q4 release is more likely. The iPhone situation isn’t really clear, either, but there seems to be broad agreement that a launch in the summer is increasingly likely.