I don't think it's inappropriate for Apple to brand the new iPad as 4G, but what they really need to do is identify it clearly as "North American 4G", and that it will probably NEVER work on LTE outside of North America (and maybe Asia).
It's exactly like one of the local networks selling a device that works on GSM1900 (a uniquely North American band). It has nothing to do with the standards, but with the frequency bands. For LTE, the new iPad uses 700 MHz (Verizon CDMA and HSPA version) or 700/2100 MHz (AT&T HSPA-only version). In South Africa, we will be using Region 1 (EMEA) 800/2600 MHz bands for LTE (one day, maybe, if ICASA ever gets a life and gives Sentech good kick), and the current trial LTE networks are 1800 MHz (also likely to be used in Region 1 mostly). There is an outside chance that we may get 700 MHz here in five years time (by which time there will be an iPad 9!), based on the ITU decision earlier this year, and the ATU decision on the second digital dividend in Kampala this week (we don't have the first one yet!).
It's not Apple's fault that South Africa Inc cannot get its collective act together and deploy commercial LTE - there is obviously trial LTE on Vodacom, MTN, Neotel etc. However, it is their fault that they have excluded the European / African LTE bands from the design of the new iPad, and hence will NEVER work on 4G here. That is the consumer issue. No doubt the next iPad (4?) will cover these bands, once commercial European LTE networks are deployed, but in the mean time, it is a North America 4G device, regardless of branding.
I wonder if it will roam onto North American 4G from here, or if you'll need another SIM.