March is barely a few hours old, and already the rumors are flying that a “manufacturing bottleneck” will constrain iPad shipments when they finally arrive at month’s end. Where have we heard this story before?

Seems like every new Apple device gets the old “limited supply” rumor shortly before release, so it should be no surprise that the iPad is the latest to proudly wear that crown. AppleInsider is reporting that an “unspecified production problem” may restrict the number of shipped units to a mere 300,000.

"The upcoming iPad launch may be somewhat limited as a manufacturing bottleneck has impacted production of Apple's newest device," Canaccord Adams analyst Peter Misek wrote in a note to investors this morning. "An unspecified production problem at the iPad's manufacturer, Hon Hai Precision, will likely limit the launch region to the U.S. and the number of units available to roughly 300K in the month of March, far lower than the company's initial estimate of 1,000K units."

And the news gets worse: "The delay in production ramp will likely impact Apple's April unit estimate of 800K as well. It is also possible that, given the limited number of units available in March, the launch will be delayed for a month."

As a result of the rumors, Misek has downgraded his sales estimates on the iPad to 550,000 units in Apple’s third financial quarter, which ends in June. However, he’s quick to note that the lowered number isn’t the result of lesser demand, but rather the “prospect of a production delay.”

"We believe that the only material impact from the iPad delay could come in the form of frustrated consumers and some modest loss of lustre for the company's product launch," Misek concludes.

Does that mean we’ll be seeing long, iPhone-style lines outside of Apple Stores across the country come the end of this month?