The Surface 2 wasn't a very successful product from Microsoft, mostly due to the fact it was powered by an ARM processor, which limited app compatibility and features as it was forced to run Windows RT. But the company appears to have learned from their mistakes: a successor to the Surface 2 is reportedly in the works, and it's not powered by ARM.
According to a report from WinBeta, the Surface 3 will come with a low-power Intel CPU in a fanless design. This indicates it will either use an Atom SoC, perhaps from Intel's next-gen Cherry Trail line, or one of the recently-released Core M chips that we've seen in thin and light notebooks.
As the Surface 3 isn't powered by ARM, it will come pre-loaded with the full, x86 version of Windows. It appears as though the tablet will launch before Windows 10 hits the market, so Microsoft will pre-load it with Windows 8.1 and allow it to be upgraded to Windows 10, like other existing x86 Windows devices.
The Surface 3 will slot in to Microsoft's line-up below the more powerful (and likely more expensive) Surface Pro 3, which features a U-series Haswell CPU and a 12-inch display. Other specifications for the Surface 3 haven't been revealed, although we expect it to include a 10.6-inch display like its predecessor.
WinBeta speculates that the Surface 3 will launch soon, around the timeframe of Microsoft's BUILD conference at the end of April.