It's got a 720p 7 inch IPS display, 8GB of storage, quad-core Tegra 3 processor, up to 8 hours of battery life, it weighs 340g, and it starts at $199. You also get a $25 credit in the Google Play store, AND the movie Transformers: Dark of the Moon. And best of all: it's running Jelly Bean. So you can pop one out whenever you want.
You also get other free content I think, though I don't know what. It could just be a small rodent, or something, you never know.
It's Apple's best iPad so far.