The device is running Android 1.6 (there's no telling if it can be upgraded to any of the 2.x versions, but someone will probably try) on a 400MHz CPU (designed by Via, so it's probably more powerful than the clock cycles suggest) and 256MB RAM. Nevertheless, for $100 it's still pretty good: it's got Wi-Fi, speakers, USB ports, a microSD card slot, and even ships with a dongle that provides 10/100. The product page claims it features a full browser, reading app, YouTube, and a video player.
We're not sure what the device looks like, since the posted image appears to be an image of an Apple iPad stretched a little bit, with a screenshot of an operating system pasted in. It even uses the Internet Explorer icon for the browser; Google would not be pleased.