If I didn't have a tablet already I'd order one in a heartbeat. By far the most impressive thing about it is its low low price, despite using seemingly hi-quality components.
Also... 7" sounds a tad too small. All the demos they showed so far were done in portrait orientation, which is suitable for smaller form factors like this. I just hope Google isn't going to recommend or mandate portrait presentation for app developers going forward, because that's definitely not my preferred way to hold tablets.