The laptop tech pundits have been gushing about for five months is finally here. And judging from the rave reviews, it doesn't disappoint.

Asus's Zenbook UX305 Ultrabook is now available in the U.S. at the quite affordable price of $699. And what do you get for this affordability?

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A feature rich laptop comparable in performance to more expensive but similar machines from Samsung and Lenovo that cost from $1,200 to $1,300, said Endgadget.

Compared to Apple Air machines, which are its arch rivals, the UX305 is $200 cheaper than the 11-inch MacBook Air and $300 cheaper than the 13-inch base model.

Despite its affordability, the UX305FA-ASM1 has more memory; more storage capacity and a higher-resolution screen than the 13-inch MacBook Air.

The Asus machine is powered by an Intel Core M processor built for ultra-thin, fanless notebooks; has 8 GB of memory; 256 GB of solid-state storage and an Intel HD Graphics 5300. The base model UX305 features a 13.3-inch 1920 x 1080 display.

It's got three USB 3.0 ports; a 2-in-1 card reader for SD and SDHC formats; a microphone-in/headphone-out jack and one micro HDMI port.

All this in a space measuring just 12.3 mm at its thinnest point and encased in a lovely aluminum shell with a black finish Asus refers to as "Obsidian". The UX305 weighs a puny 2.6 pounds and has a battery life of 10 hours. It comes with Windows 8.1.

There will be a second UX305 model but this will hit the shelves in April and will cost $999. This second configuration will be the world's slimmest 13.3-inch laptop. It will have a QHD+ display touchscreen and a resolution of 3200 x 1800.