Apple's iPad has a new rival, the Amazon Kindle Fire tablet, which was introduced on Wednesday by CEO Jeff Bezos. The Wi-Fi only Kindle Fire will be available to ship on November 15 and will cost $199, according to The Los Angeles Times, making it a much more affordable option than the iPad. The entry-level iPad currently retails for $499.

The fire tablet is 7-inches, weighs in at 14.6 ounces, has 8 gigabytes of storage and a battery-life of 7 to 8 hours, according to USA Today. It will run on a unique, Amazon-developed version of Google Android.

The big question is how competitive the Kindle Fire will be with the Apple iPad. Hayley Tuskayama of The Washington Post reported: "So is it an iPad killer? Probably not. In terms of raw specs, the Fire can't compete with the iPad — and not only because it lacks cameras and a microphone. Bezos didn't mention any partnerships in his presentation, meaning the Fire may not have apps for, say, Netflix or MLB.Tv. There's no contest between the iPad's A5 processor and the Fire's dual-core TI OMAP. The tablet was snappy enough in demos, but the processing power just isn't there. And while the Fire's picture quality will be great for watching video on the go, it's not at iPad’s level of quality or pure screen real-estate."

However, as the L.A. Times noted: "The first tablet from the world's largest online retailer has been anticipated for months as the first device that really might be able to challenge Apple's iPad, given Amazon's ability not only to sell hardware at a low price, but also to offer a full suite of downloadable music, movies, TV shows, eBooks and apps."

Bezzos also announced Wednesday that the company is making additions to it's successful line-up of e-readers, the Kindle, while also dropping some of the price points, according to The Washington Post. The cheapest Kindle will now retail for $79.

Here's the first commercial for the Kindle Fire: