Bottom line: Apple during its Time Flies streaming event on Tuesday announced a new, more affordable version of its popular wearable. It's a full $120 cheaper than the new Apple Watch Series 6 although you will give up a few key features in exchange for the savings.

The new Apple Watch SE includes most of the core fitness, monitoring and connectivity features found in other Apple Watches such as an always-on altimeter, GPS, sleep tracking, automatic handwashing detection, an integrated compass, fall detection, Bluetooth 5.0 and more.

Powered by Apple's S5 dual-core System in Package (SiP), the wearable is said to be up to two times faster than the Apple Watch Series 3. This new model also features a Retina display with thin borders and curved corners that is 30 percent larger than the one found on the Series 3.

The new watch comes pre-loaded with watchOS 7 which features Family Setup, allowing family members without an iPhone to "benefit from the connectivity, safety, and fitness features of Apple Watch." It's also compatible with new Solo Loop and Braided Solo Loop bands, and is water resistant to a depth of 50 meters.

Pricing starts at $279 for the Apple Watch SE with GPS and $329 for the cellular model in your choice of three different chassis colors: silver, gold or space gray. It's available to order from today from Apple's website and in the Apple Store app, and will start shipping this Friday, September 18, in the US, Puerto Rico and 21 other regions.

Apple Watch Series 3 is also sticking around for another stint, starting at $199.