I completely agree with Storrm68's sentiments. I also am an iPad 3 owner as well as an iPhone 4 owner (soon to receive my iPhone 5S). I like Apple, but I am really shocked and pretty upset that the iPad 3, in particular, cannot support this feature. I mean if there is some tiny difference, like say a receiver-side simultaneous transfer initiation or something of that nature, that would not be required for the iPad 4 then I'd gladly do it for the iPad 3 for the feature. But really I don't believe the iPad 3 lacks anything hardware wise that couldn't be gotten around. I just think Apple is playing a game with its users to push just a little harder for everyone to upgrade constantly.
I have designed south bridge chips (the computer chip that handles the USB, SATA, keyboard, other peripherals, etc.) for a living for many years. There were times that some feature didn't work in the lab due to a hardware but and we simply could not afford time to respin the chip. If there was a way to do the same feature slightly less efficiently rather than turn it off, we'd do it every time. Any south bridge chip company would do the same too. That is because turning a feature completely off is considered the absolute worst thing you can do from the user's standpoint. If Apple really wants to support its users, then it should adopt a similar attitude and practice for these things.