Amazon is in New York City today to unveil the company's first-ever tablet, an expansion of its Kindle e-Reader, officially called the Amazon Fire.

The good news for bargain buyers is that the Amazon Fire is going to be cheap. But even better, Amazon has announced it will put its original Kindle e-Readers on sale for a moderate $80.

Current Amazon Kindles with built-in Wi-Fi are currently sold at $139.

Here's what we know so far: Amazon's tablet is Wi-Fi only and will not feature a microphone, but will sell its Fire at an uber-competitive price of $200. In other words, one could potentially buy two Amazon Fires for $100 less than the price the cheapest iPad.

But even better, Amazon's original Kindle e-readers will now go on sale for a moderate $80.

For some time, Amazon had contemplated creating its own tablet, given its success on the mobile device market with its Kindle e-Reader, reading apps, and its own app store. Many originally hoped Amazon would be the first company to produce a tablet that would finally challenge Apple's dominant iPad.

It was even rumored at one point that Amazon would release two tablets, codenamed Coyote and Hollywood, which would both feature different core processors.

Amazon, like Apple, refused to even acknowledge the existence of a tablet prior to the company's press conference.

Analysts originally predicted the tablet to be priced around $250, which would be roughly half the price of the iPad, which starts at $499.

Gene Munster, an analyst at PiperJaffray, surveyed 410 consumers last week to find out if they'd prefer a 10-inch iPad for $599 or a seven-inch Amazon tablet at $249. More than 60 percent of respondents said they would purchase Amazon's tablet, while 21 percent said they'd still prefer the iPad.

TechCrunch predicted that unlike the iPad, however, the Kindle Fire would not feature any cameras.