Do you already have an iPhone or other iDevice? If so, does it use the old cable, or the new "Lightning" connector? If you have the old kind, you might wish to pick up an iPad 3, just to save on frustration and hassle. It has a slower processor, but apart from that and the cable, there isn't much difference between the 3 and the 4. If you have an iPhone with the new Lightning cable, I'd say wait for the 5 to be announced. It'll be faster (presumably), and more svelte in build.
Out of curiosity though, why an iPad? My own biases aside, if all you're doing is web browsing, watching Netflix, and maybe playing the occasional game, an iPad is an extremely expensive piece of equipment, and Androids can be found for much cheaper, or for the same prices you can get much, much more. A Nexus 7 might be smaller than you're looking for, so check out the Nexus 10, which has a very high resolution screen (moreso than the new iPads). Or, there's the much more capable but more expensive Galaxy Note 10.1. There's the Sony Xperia Z, which is not only the thinnest tablet available, but is IP57 rated for dust and water proofness (don't go swimming with it, but if you spill your drink on it, it'll be just fine). Personally, I'm interested in the soon-to-be-released LG G Pad 8.3, which is a happy in-between size of the 7" tablets which I find a bit too small, and the 10" tablets which I find too large.
Another alternative is the Amazon Kindle Fire HDX 8.9. Specs-wise, it's an absolute beast. Highest pixel density of any tablet, and has the latest and greatest processor. The OS is Android based, but the Kindle interface is highly modified and limited to only what Amazon offers (which, as far as entertainment goes, should be plenty). It's pricey, but not quite iPad pricey. It also costs $15 more to get a version that doesn't have "Special Offers" every time you unlock it. The old Kindle Fire 8.9 is no slouch either, with a full HD screen, and now that it's "outdated", you can pick one up for comparatively cheap.