The iPad 2 saw the familiar long lines of consumers fighting to get into Apple stores this weekend to be first on the block with the hot new item.

By Sunday, the iPad 2 was all but sold out at Apple stores and other retailers.

“Demand for the next generation iPad 2 has been amazing,” Apple said in a statement. “We are working hard to get iPad 2 into the hands of every customer who wants one as quickly as possible.”

Orders online are backlogged “three to four weeks,” Apple says.

Piper Jaffray analyst Gene Munster projects opening weekend sales of around 500,000 of the new iPad, which starts at $499 and sports a thinner, lighter body, with a faster processor and two built-in cameras.

The first iPad has sold over 15 million units.

(Source: USA Today)