iPad 2 Reality check.

Piper Jaffray: iPad 2 totally sold out, 70% to new buyers

•Munster is sticking with his estimate of 400,000 to 500,000 iPad 2s sold, compared with 300,000 iPad 1s in its first weekend last year.

•The difference is that nearly all those iPad 2s were sold in one day; stocks were essentially depleted by Saturday and not replenished. In its calls to retailers over the weekend, his team was unable to find a single iPad 2.

•70% of iPad 2 buyers were new to the iPad, compared with 23% of iPhone 4 buyers who were new to the iPhone at launch.

…

"We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market. As the user base grows Apple's lead widens, and the company has a proven track record of building unmatched brand loyalty, which we believe will be a potent combination as the tablet market evolves."