HP’s 9.7 inch, 1.5 lb tablet runs off the webOS operating system. It features a high-speed, dual core Qualcomm Inc chip and the Adobe Flash Player, and supports video calls as well.

The TouchPad is to be priced to compete with the iPad, which starts at $499. The first model to be launched will be a WiFi only model, and a second, 3G model will be released later this year.

HP also announced the release of two new smartphones; the Veer and the Pre3. Like the TouchPad, both phones are based on the webOS software. Executives have shared that they expect to add the software to many other devices, including PCs. The company feels that webOS will “complement” the Microsoft software.

Todd Bradley, PC division chief, said “We’re thinking beyond today. We have a commitment to extend the webOS footprint even further as the year progresses.”