Borders has announced a new and improved Kobo ereader today, priced at $140 – identical to Amazon's entry-level Wi-Fi-only Kindle. Unlike its predecessor, the latest model features Wi-Fi connectivity, providing easy access to a library of over 1.5 million ebooks. There's also talk of a faster processor for snappier page turns, but the company didn't mention a specific chip.

It seems most of the remaining specs are unchanged – or largely so, anyway. Comparing the product pages reveals that the new Kobo Wireless is rated for up to 10,000 page turns per battery charge versus the original's 8,000. Other hardware includes 1GB of internal storage and an SD card slot that can handle up to 4GB cards, while it supports ePUB, PDF and Adobe DRM file formats.

The Kobo Wireless measures 0.4 inches thick, weighs less than 8 ounces and will ship by the end of October in three colors: black, silver and lavender. Preorders are open. As a side note, it was also announced today that Kobo's eReader software will be preloaded on RIM's recently announced PlayBook tablet, giving BlackBerry slate users access to the same catalog as Kobo device owners.