• by Karlene Lukovitz  @KLmarketdaily, July 13, 2009

Firing the latest volley in the value menu wars, Quiznos has released a smaller and even less expensive version of its successful $4 Toasty Torpedo sub.

The new, $3 Toasty Bullet sub is also made on ciabatta bread and wrapped in a paper sleeve, but is 8 inches long, versus the Torpedoes' 13 inches. The Bullet comes in five varieties.

The move further expands the items on Quiznos' $5-or-less "Everyday Value Menu," which include the torpedoes, Sammies (currently $2) and some of its large subs ($5).

In announcing the Bullet, Quiznos CMO Trey Hall emphasized that consumers can now "enjoy Quiznos' signature toasty flavors at a price that rivals virtually all fast food, with a complete lunch -- a Toasty Bullet sandwich, chips and a drink -- for under $5."

Television commercials for the Bullet, launched Monday, continue the "talking toaster" character created for the Toasty Torpedo.