(FORTUNE Magazine) – Working from the presumption that the personal computer business can only get better, Commodore International Ltd. unveiled its long-awaited Amiga computer with the obligatory fanfare -- in this case a lavish show featuring lasers, a woodwind trio, and cameo appearances by artist Andy Warhol and rock singer Debbie Harry. Amiga, which will sell for $1,295 and up, is a second-generation improvement on Apple Computer's Macintosh. Several weeks ago Atari, now headed by former Commodore boss Jack Tramiel, also introduced a Mac-like computer, the 520ST, dubbed ''Jackintosh'' by industry pundits. ) Using the same Motorola 68000 microprocessor that Apple chose for its ground- breaking computer, Amiga imitates many of the Mac's features: symbols or icons to replace complex commands, a mouse to point at icons, and ''windows'' able to display several programs at once. Like the Jackintosh, Amiga upstages the Mac by displaying its work in color. The Amiga is also faster than a Mac because it uses separate microchips for graphics and sound and, unlike the Mac, can perform several tasks simultaneously. ''We believe the Amiga is the answer to the doom and gloom of the specialty computer store,'' declared Thomas Rattigan, president of Commodore's business machines subsidiary. While initial reviews praised the technical capabilities of the Amiga, a shellshocked PC industry has learned to resist the seductive glitter of advanced technology for its own sake. The Mac still hasn't saved Apple, and last year Mindset, a startup company, couldn't find a niche in the marketplace for its IBM-compatible computer with flashy graphics. A niche is what Amiga too will need. Commodore says Amiga will be aimed at small businesses, the home market, and graphics-oriented corporate departments. While Amiga tries to find friends, Commodore may be kept afloat by its C-128, introduced to replace the 64 but far less sophisticated technologically than the computer that's getting all the hoopla.