NEW YORK ( TheStreet) -- Will Amazon's ( AMZN) Kindle Fire replace Apple's ( AAPL) iPad for the holiday season? That's the biggest question after Amazon's announcement that the new tablet will undercut the iPad on price. The 7-inch touch-screen device will retail for $199, significantly less than Apple's iPad, which starts at $499. This marks the first tablet by a formidable player that could actually stand to dethrone Apple. Kindle Fire allows users to browse the Web, stream music, movies and video, play games and read e-books. The device also includes free cloud-based storage, essentially doing away with having to physically sync the device. Amazon CEO Jeff Bezos took a direct swipe at Apple during the press conference taking place in New York, showing an image of Apple's infamous connector cord and saying, "That model that you are responsible for backing up your own content is a broken model." Similar to the iPad, Kindle Fire's screen also has an in-plane switching technology, which means you can view the device from other angles. "We're building premium products at non-premium prices," Bezos said at the press conference held in New York City. "We are determined to do that." Bezos also introduced Amazon Silk, a mobile browser that combines Amazon's cloud computing with the Kindle Fire device. Kindle Fire is currently available for pre-order and will ship just in time for the holiday season starting on Nov. 15. Of course, Apple has built a tight-knit cult of iPad users that may not be so quick to switch over, even at a significantly lower price. Apple has sold more than 29 million iPads in the first 15 months of the device on the market. Several other players like Research In Motion ( RIMM) and HP ( HP) have attempted a tablet, but have failed miserably, so Amazon's success with the Kindle Fire isn't guaranteed. Given this, will you buy Amazon's Kindle Fire over the iPad? Take our poll and see what TheStreet readers are saying. >To contact the writer of this article, click here: Jeanine Poggi. >To follow the writer on Twitter, go to http://twitter.com/jpoggi. >To submit a news tip, send an email to: email@example.com.