Amazon has finally announced the release of its groundbreaking tablet, and it appears to live up to the media hype building since the summer.

The Kindle Fire isn't a traditional tablet, as it's meant as a media vehicle for Amazon's wide array of television shows, films and other offerings. It will lack some of the processing power and features of popular devices such as the iPad, but offers something most tablet producers have failed to deliver: low cost.

A main selling point for the Fire is expected to be its $199 price tag. With the iPad costing hundreds more, along with many of the market's top sellers, Amazon may become a major player in the mobile device market, especially with the ease of downloading media from the company's extensive library.

"What we are doing is offering premium products at non-premium prices," noted Jeff Bezos, company CEO, at the New York City unveiling event.

Considering the differences between full-power tablets and the Kindle Fire, iPad accessories and devices may not take a serious sales hit, as many tablet consumers are looking for many of the capabilities of a personal computer in their purchase.