New Storage service to compete with Amazon S3?

A new service has been announced called S4 or Super Simple Storage Service which promises to undercut Amazon S3 and other storage services by magnitudes. It's not clear what back-end S4 are using, but they are providing various interfaces to their system including direct web upload,  http get and put methods and a SOAP and REST API for write-only access.

S4 will store as much data as you throw at it and they offer a full money back guarantee, though at only $1 per TB per month even if they do make a few mistakes, it's not as though it's cost you much. Amazon on the other hand would charge around $153 per month for the same storage (but then you do get read access to the data too).

S4 could be the long term storage solution for those long term (and forgotten) back-ups that your company so desperately needs.