That is far more than the similarly-priced and -sized Amazon Kindle Fire brings to the table. (The latest Kindle Fire is powered by a Freescale i.MX50 800 MHz, ARM Cortex-A8 dual-core processor.)
But there is more to the Nexus 7. The KAI platform, on which it is built, includes not just the Tegra 3 mobile processor, but also: “system-level innovations like PRISM – a new Tegra 3 technology that reduces a mobile device’s backlight intensity (and power) while simultaneously enhancing color saturation. The result: undiminished visuals with longer battery life.”
But there are problems. The one issue that I am not able to assess properly until I get the Nexus in my hands, centers on this statement from the press release: “Nexus 7 was made for Google Play.” What can I do with it other than spend time (un)productively at Google’s walled enclave? That is the part I will find out when the device becomes available.