It's for a Christmas gift. I don't think the newest larger ipad will be out by then. Will the ipad 3 still be ok to get for someone this Christmas?
Huh, what do you mean the newer iPad will not be out by then? The 4th generation iPad (or the succesor to the iPad 3 or the iPad 4, whatever you want to call it) has been out for a couple of weeks now and you can walk into an Apple store today and get one.
If you want to save some money, you can get a refurbished iPad 3 from the Apple store. Refurbished offers good value for money, but it will not come with the traditional Apple packaging. They come in a plain white box. Keep that in mind if this is a gift. Personally I never buy new Apple products (except iPhones). All my Apple products have been refurbished and I've never had any problems with them.
You cannot buy a 'new' iPad 3 anywhere anymore. Maybe they will be on sale at places like Best Buy and other places who want to get rid of old stock, but the iPad 3's days are numbered.