Remember when cassette tapes were cool? Remember when the Sony Walkman, the portable tape player, was cool, too? Sony does, too, and it is reviving the Walkman name at a much higher price point.

So are tapes coming back? No, they're not. Definitely not. But the Walkman is and its price tag is higher than the kids who went to your high school who used to rock Green Jelly in their portable tape decks. It will reportedly retail for around $700.

Sony has brought the legacy device name back in Europe and Asia so far, and is having fair success. The new 'old' digital music player has a familiar sleek chrome look to it, and features a 128-GB music player with an aluminum block housing. But there's no need for that auto reverse feature.

The European and Asian markets have seen the product since at least February. The hi-res ZX1 Walkman, as it is called, can play a multitude of digital high-definition formats, including WAV and AIFF. The device can also handle Sony's signature DSEE HX technology. This technology restores compressed files to near high-definition quality though a complex process developed by the Japanese-based electronics manufacturer.

According to one source, many may not hear the difference between the Walkman and Sony's other high-end, high-def devices. The company reportedly has released at least 25 high-res audio devices since September 2013. The company said that accounts for about 20 percent of audio product sales for October through March.

It is hard to tell if American users will adopt the familiar technology. There are certainly enough Sony fans. In Japan, the device has sold out in many places, according to reports. One source referred to the Sony Walkman ZX1 as an "iPod killer." The source notes the device is aimed more at audiophiles than regular consumers. Most consumers won't have a need for such technical specifications in a digital audio player.

Sony reportedly called it a niche product, too, and said it was a design effort not prohibited by manufacturing costs. The company hasn't released figures on how many have actually sold, though analysts believe it is likely just around "several thousand" units.

Tapes may have not come back in style, but Sony might be able to experiment with its retro brand for audiophiles of the current era. Who knows? Maybe the Walkman will be a consumer competitor to the iPod, Zune or other portable media devices one day.