Well folks, this is both good and bad news. It appears ASUS has just announced a brand new beautiful model of the ASUS Transformer Prime only this time around the specs have been improved in a few key areas. The new model, being called the TF700T, will be touting the same IPS display only instead of 1280×800 they’ve boosted the resolution to 1920×1200 and made a few other small changes as well.

According to the official press release from ASUS they’ve not only changed the display, but we also have an upgraded front facing camera. It’s been boosted to a much better 2.0 MP lens for video chat vs the 1.3 in the original Prime. Then here comes some good news — GPS and Wifi! ASUS has redesigned the entire rear casing and have improved the GPS and WiFi signal range and quality. Something that has seen a large amount of criticisms since release.

For the most part the new and improved ASUS Transformer Prime is the same in all other aspects. Same awesome 1.4 GHz quad-core Tegra 3 processor under the hood, 1GB of RAM, and awesome rear camera so users shouldn’t be concerned with losing anything. Although if you just picked up the original you are probably thinking of returning it right about now — and I don’t blame you.

ASUS has confirmed that this will NOT replace the original (just released) Transformer Prime, instead it will be an upscale higher model for those wanting the better display — although I’m sure many current owners will want the fixes to WiFi, GPS, and everything else the radial spun aluminum design didn’t seem to help. Availability hasn’t yet been released by ASUS other than Q2 of this year, but pricing will get a small bump and they expect to hit market at $599 for the 32GB, and $699 for the 64 flavor. Keyboard dock is the same and current models will all work together seamlessly. One important note is this will be shipped running on the latest Android 4.0 Ice Cream Sandwich.

Who’s taking their Prime back to wait for the new and improved TF700T?