The ASUS MeMO Pad 7 has a 7" 1280×800 IPS display, a BayTrail Atom Z3745 Quad-Core that can run up to 1.86GHz, 1GB of RAM and 16GB of internal storage with support for SD cards up to 32GB.  All in all this seems like the stats you would expect from a $150 tablet, but the challenge is to be usable enough to not be returned.  Legit Reviews tested out this tablet and were impressed by the graphics performance of the new Atom but were disappointed by the WiFi speeds which were significantly slower than their preferred tablet, the ~$200 Nexus 7.

You can also check out Ryan's review from June.

"Budget friendly Android tablets are a dime a dozen these days, but they all aren’t created equally and there are some very bad tablets out there. When you get into the sub $150 tablet market you need to be very careful with what tablet you go with as companies start cutting costs by reducing the hardware specifications and that can lead to subpar performance and an overall bad user experience. If you’ve ever purchased an inexpensive tablet thinking that they were all the same, you usually find out in under three minutes that you screwed up and will be running to return it."

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