ASUS has announced a 7-inch budget Android tablet, dubbed the MeMO Pad. At first glance it looks, physically, a bit like the Nexus 7, but this guy's definitely lacking the hardware department by comparison. That's not necessarily a bad thing, though, as it's targeted at emerging markets, where price is more important than power. The MeMO Pad seems to fit that bill with a $149 listing for the lowest storage option.
The MeMO Pad is running Android 4.1 Jelly Bean with a paltry 1024x600 resolution. (Hey, gotta save somewhere, right?) It's powered by a VIA WM8950 processor running at 1 GHz, paired with a Mali-400 GPU. (Ah. Saved some there as well.) It's got 1GB of RAM, and either 8GB or 16GB or on-board storage, with a microSD slot for good measure. Plus you get 5GB of free online storage from ASUS.