Amazon will reportedly release its first tablet called the Fire, which is Wi-Fi only, for an extremely economical $200. The tablet will not feature a microphone, but considering the tablet is $300 cheaper than the cheapest iPad, this will be an excellent tablet option for buyers on a budget. Again, just to reiterate, one could potentially buy two Amazon Fires for $100 less than the price the cheapest iPad.

Fire features a 7-inch IPS display, a dual-core CPU, and weighs 14.6 ounces. The tablet has acess to movies, songs, apps, books, and magazines. All of the content on Fire is displayed on a bookshelf interface, similar to iBooks, but this shelf works like a carousel to keep the content mixed. To quickly access favorites shows and movies, however, users can pin their favorites to the shelf.

For a long time, it was rumored that Amazon would try its hand in the tablet market, given its success of its Kindle e-Reader. Many believed Amazon had the capabilities and resources to unseat Apple's dominant iPad tablet from its No. 1 spot.

Amazon will also reportedly release a second 10 tablet in early 2012, which will feature both 3G and WiFi. This confirms early rumors from May that Amazon would release two tablets, codenamed Coyote and Hollywood, which would both feature different core processors.

Amazon will also sell an expanded version of its Kindle called the Kindle Touch 3G, which will feature built-in Wi-Fi, free 3G wireless capability, long battery life, and an advanced e-ink display. This top of the line Kindle will start taking pre-orders start today at $149.

The Kindle Touch 3G will work with a touch interface, instead of Kindle's current e-reader, which works with a keyboard and buttons.

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

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.