On Wednesday in San Francisco, Apple showed off the iPad 2 with a mix of incremental upgrades that bring it on par with its emerging tablet competitors while also maintaining the product’s long battery life (the killer feature for business users) and low starting price of $499 (the killer feature for consumers).

Next to the unveiling of Apple’s second generation tablet, the biggest news of the day was that Apple CEO Steve Jobs was there to run the proceedings himself. The Apple co-founder is technically on medical leave from the company, so his appearance drew a standing ovation from the audience.

Below we have a six-minute video clip in which Jobs sums up the leading features of the iPad 2.

Another new feature of the iPad 2 is Apple’s “Smart Cover,” an accessory that magnetically attaches to the iPad to protect the screen and to prop up the device to type or watch videos. Take a look at our three-minute video clip of Jobs’ demo of the Smart Cover.