Up until earlier this week, you could expect to pay about $300 or more for a GoPro Hero2. It really was the de facto “action camera,” but GoPro is starting to face some potentially stiff competition in the space by the likes of Sony, JVC and others. And so, the GoPro Hero3 has been formally revealed and it improves on the Hero2 in just about every way. Indeed, all three versions come with built-in Wi-Fi.

Remember that you had to buy a Wi-Fi accessory for the GoPro Hero2 in order to gain wireless functionality. That already saves you a bunch of money. The other kicker is that the cheapest of the new Hero3 cameras — White Edition — is only $199.99, a full $100 cheaper than its predecessor. For that price, you get the aforementioned Wi-Fi, as well as 1080p full HD video (at 30fps), 960p at 30fps, 720p at 60fps, and 5MP stills with a 3fps burst mode. The Wi-Fi makes it compatible with the Wi-Fi remote, as well as the compatible GoPro apps on iOS and Android.

If you step up to the $299.99 Silver Edition GoPro Hero3, you get the fundamentally the same video capabilities, except the 960p HD video can be recorded at 48fps. Also, the stills have been upgraded to 11 megapixels with a 10fps burst mode.

And finally, at $399.99, the most expensive version is the Hero3 Black Edition. You get bumped to 12MP stills with a 30fps burst rate, but the real kicker is that you go beyond full HD and gain the ability to shoot 4K video at 12fps. There are also settings for 2.7k at 30fps, 1440p at 48fps, 1080p at 60fps, and 720p at 120fps. Bundled in with the Black Edition is the Wi-Fi Remote, which is an additional purchase for the Silver and White Editions.

Pre-orders are being taken now at GoPro.com.

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