The iPad 3 is set to be announced during the first week of March, and as that time creeps closer, retailer Best Buy has slashed the price of the iPad 2 by $50. The 16GB Wi-Fi version of the iPad 2 is now priced at $449.99 while the most expensive model, the 64GB Wi-Fi + 3G, is priced at $779.99.

But even with the price slash, is the iPad 2 worth it? The iPad 3 is rumored to include some pretty impressive specs…

Most publications seem to agree the iPad 3 is going to be announced in the first week of March and will ship shortly after. They also agree the iPad 3 will include a Retina display, upgraded cameras, LTE connectivity, Siri, and larger battery. However, the disagreement seems to be around if the iPad 3 will have a quad-core A6 processor or A5X processor.

US retailer Meijer also recently cut the price of the iPad 2 by $70. With the recent price cuts, it’s a sure signal that the iPad 3 launch is coming even closer. Yesterday, a report surfaced that the iPad 3 has begun shipping from China.

So for now we suggest you muster up that extra $50 for early March and pass up today’s deal.