Before you get your hopes up, the Nexus 7 is a 7″ android based tablet. Supposed to be available in July 2012.
There is a comparison chart over at gdgt that compares it to the other two important players in the 7″ tablet market, the Amazon Kindle Fire and the Barnes & Noble Color Nook. There are some gaps in the data on that chart, most of which can be filled with a quick search.
For a more detailed peek under the hood of the Nexus 7, try the PCMag review. Here are some key features. It will be running Android 4.1, not a feature reduced in house version of Android like the Fire or Nook. It has a Quad core CPU with a 12 core GPU. That is a lot more horse power than you get with the Kindle Fire. The Nexus 7 screen resolution is a bit better, 1280 x 800 opposed to the Fire’s 1024 x 600 and it has double the RAM as well. The Nexus 7 also has a built in camera in addition to Bluetooth, both features lacking in the Fire & Nook. What the Nexus 7 doesn’t have is speakers or a microphone. It does have a 3.5mm audio jack, which is the only port besides the MicroUSB port. That’s right, no SD slot. The Nexus does come in two flavors, one with 8 Gig of storage for $199 and a 16 Gig version for $249. For comparison, the Kindle Fire also has 8 Gig, and no SD slot. The Color Nook is the only one that has a SD slot for additional storage. Given that both Amazon & Google have extensive Cloud storage solutions, I’m not surprised by the lack of the SD slot.
I’ve used the Kindle Fire before, and I liked it. However, if I had to put down $199 (plus tax) of my money for a 7″ tablet, I would go with the Google Nexus 7.
Update: The MIT Tech Review has their review of the Nexus 7 up. According to them it does have a speaker.