3.2 already has some features that 4.0 for the iPhone will pick up such as Places and Faces in the photos apps. Fall is obviously a pretty large period of time so it could come as early as August/September or even up until late November/Dec. I slightly worry that Apple will group in the iPad product cycle with the iPod/iPod touch cycle which seems to be renewed in October just in time for the holidays. So if I buy a new iPad now it would be obsolete in less than 6 months. Though I think the delay has more to do with the two OSes are more different than it looks and Apple just needs some extra time to test out and refine the differences.