It lacks the 4 GB of RAM for simultaneous side-by-side and slide-over apps. The 12 mp / 4K rear camera and 7 mp / 1080p front camera. But it's almost half price: Starting at 9 instead of 9.
And for that you get the same chipset as the i Phone 7 and i Phone 7 Plus (which is the same as i Pad Pro, minus the X-tra cores), the same Apple Pencil support as the i Pad Pro, faster LTE networking (optional), and access to the same 200,000 education apps and 1,000,000 tablet-optimized apps in the i Pad App Store.
There's no eraser on the back, which I don't miss because none of the pencils I used in art school or design work ever had erasers on the back.
Where the 2017 model came in a champagne gold similar to the one Apple's been using since i Phone 5s, the 2018 gold is much closer to i Phone 8 — not rose so much as blushing copper. The LTE networking, if you choose that option, is also twice as fast as before. So, beneath the two high-performance cores, Apple slid in two high-efficiency cores.
All of that is managed internally by a custom controller so the system only ever sees one set of cores at a time.
You can draw into documents just like you can with Notes, but what's especially cool is the new dynamic annotation feature.
Instead of markup floating in its own, static layer on top of the document, each element is separate and independently anchored to the appropriate element of the document.