ASUS has announced a the new MeMo Pad, which is their new 7-inch low cost Android tablet and will be going on sale in the US for just $149 for the base model.
For that money, you get a tablet with a 7-inch, 1024 x 600 resolution display, VIA WM8950 SoC with 1GHz Cortex A9 CPU and Mali-400 GPU, 1GB of RAM and 8/16GB internal memory with microSD card slot.
Like the Nexus 7, the MeMo Pad does not have a rear camera but there is a 1 megapixel, f/2.0 front facing camera. The battery is identical to the one on the Nexus 7, so expect similar or slightly better life, since the specs are lower.
The MeMo Pad will ship with Android 4.1 at launch and will begin selling in April this year.