Microsoft’s line of Surface and Surface Pro tablets were the first to bridge the gap between laptops in tablets in such a successful and mainstream way. The Surface Pro 3 was undoubtedly the most popular and functional model in the line, but also carried a price tag of close to $1,000 if you want it with the keyboard and Bluetooth pen, which, if you’re springing for the full hybrid experience, why wouldn’t you? This week Microsoft announced The Surface 3 (no Pro) which offers a happy medium between price and performance.

The first and most exciting thing you need to know about the Surface 3 is that it starts at only $499. This gets you 64GB of internal storage and 2GB of RAM, which can be doubled for an extra $100. Just like the Pro 3, the Surface 3-designed Type Cover will still cost you an extra $129, but offers more options. Since the Surface 3 is somewhat geared towards a student audience, their keyboards come in bright, trendy colors including tomato red, burgundy, light blue, purple, and of course the slate gray and dark blue that have been previously offered. Also unlike precious non-“pro” versions of the Surface, which ran on Windows RT, the new Surface 3 runs a full version of Windows 8.1 and comes with a year’s subscription to Office 365. The processors got a serious upgrade from the previously used NVIDIA smartphone ARM chips to an Intel chip designed for high-end tablets called the Atom x7, which allows for both the full Windows experience and a mix of power and battery efficiency that you’d expect from a mobile processor.

The Surface 3 veers further from its predecessors with a 10.8-inch screen, only slightly smaller than the 12-inch screen of the Surface Pro 3. The display is still 1920x1280 and houses optically bonded glass that improves contrast and readability when viewed outdoors. The kickstand continues to improve with the Surface 3, expanding to three separate positions including desk, lap and couch (previous Surface versions offered only two). The cameras also got a nice upgrade and include an 8-megapixel rear camera as well as a 3.5-megapixel front camera, both of which are capable of shooting 1080p HD video.

Rounding out this amazing gadget are increased battery life and the addition of a micro-USB port. Microsoft says the Surface 3’s battery should be able to get you through a full day of normal use, and claims the battery is large enough to let you watch 10 hours of video on a single charge. And it will be super easy to charge now that Microsoft has acquiesced the most sought-after feature missing from its predecessors, the micro-USB port. Nearly every non-Apple device out there is currently using a micro-USB to charge, and the addition of that option to the new Surface 3 is going to be a major hit with users. Even with all the upgrades inside and the low cost outside, Microsoft managed to keep things light. The Surface 3 weighs only 1.4 pounds and still comes in at just under two pounds with the type cover on. Plus, it’s super thin – at just 0.34 inches, it’s only slightly thicker than an iPad Air. If this low cost, jack-of-all-gadgets sounds like it would be just right for you, you can pre-order it now or when they become available May 5^th.