Okay, first of all, this thing was $100, so I wasn't expecting much. I am happy to report that it's not quite as bad as I thought, though.
7" touchscreen (no multitiouch)
700MHZ processor
Android 2.1
256MB DDR RAM
WiFi b/g
HDMI out
Mini USB and USB host capability
~ 6 or 7 hours battery life (depending on how I use it so far)
Speaker & Microphone
Micro-SD card slot (32GB max)
3.5mm headphone jack
I spent yesterday on slatedroid.com rooting it, and today getting Android Marketplace to work, but I'm happy to report that the marketplace does, indeed work.
I've installed Kindle and Nook software, plus the included eBook app, Twitter, Facebook, and a few more apps.
Not a bad device, really. Multitouch would be nice, but saving myself the $500 is nicer.
If you've got the time to tinker, I can recommend this as a reader/basic tablet.