Apple is not backing out on its promise to introduce its "best product pipeline in 25 years." Just a little more than a month has passed since its glitzy, star-studded media event unveiling its iPhone 6, Apple again takes to the stage on Oct. 16 to introduce a host of new products, presumably the iPad Air 2 and iPad Mini 3.

This time, the stage will not be as grand and the event will not be as glamorous. Apple will stage the unboxing at its Town Hall auditorium in its Cupertino headquarters, instead of the historic Flint Center at the DeAnza College campus where Steve Jobs first introduced the Macintosh computer in 1984, suggesting that it doesn't have ground-breaking new products in store but a line of refreshed devices.

"It's going to be a refresh of the existing lineup -- nothing earth-shattering," says analyst Jean Philippe Bouchard of IDC. "I think the next iPad release (after this one) will bring something special."

A new iPad Air and iPad Mini will be headlining the event. This seems to have been confirmed when Apple, accidentally or not, leaked an image of both slates in its official iOS 8 guide for iPad. The image confirms what has been going around in the rumor mill for quite some time -- that the new iPads will come with the circular Touch ID button that allows users to unlock their devices and confirm purchases with their fingerprints. Rumors have also been flying that Apple will release a supersized 12.9-inch iPad, but a Wall Street Journal report says Apple has pushed it back to make way for iPhone 6 backorders.

Apple's premium-priced iPad has been running into trouble gaining ground in a market dominated by cheaper Android tablets. Last quarter's figures show iPad revenue was down by 8 percent year-over-year. A Retina HD display, a slimmer design and even possibly an amped version of Apple's A8 processor isn't enough to encourage buyers who prefer the low-end prices that can deliver the same or nearly the same quality as the iPads. Also, more and more buyers are starting to realize that using their desktops or laptops is still more convenient than using a shrunken device, no matter how portable its creators make it.

"Assuming Apple releases new iPads this Thursday, as expected, the issue won't be whether the new tablets will be improved -- they will be," writes Michael Endler, associate editor of InformationWeek. "Rather, the issue will be whether the new devices are improved enough to justify a purchase."

Also to be expected on Oct. 16 is a new 27-inch iMac computer with 5K Retina display. This sits well with Apple's short, sweet and cryptic invitation that only says "It's been way too long," since Apple has taken two years since upgrading its desktop computer.

Tim Bajarin, president of Creative Strategies, also foresees the official launch of OS X Yosemite, which has been available in beta mode for developers for quite some time. Apple will also likely be making announcements about the release of Apple Pay. Leaks earlier this week have hinted at retailers rolling out Apple Pay support as early as Oct. 18, which means it makes sense for Apple to officially launch the mobile payment system on Oct. 16.