It looks like a lower tier than the existing Coldline and Nearline (7x cheaper for storage than the former). Both have a minimum period, so this one is likely to have one as well. Coldline and Nearline are more expensive than regular storage when fetching objects, which means ice cold storage is probably even more expensive when you restore (is it going to be 7x, too, keeping symmetry?).

Is their egress more expensive than Amazon's? Because when I had a look at that, it sure wasn't cheap either.