The Nexus 7 has a great looking 7in display and powerful quad-core processor running on Jelly Bean. It's great for browsing the Web, reading e-books, watching HD videos and playing games.
The addition of Google Now also makes it much easier to find relevant information.
However, the Nexus 7 lacks a number of features. It doesn't have a microSD expansion slot which means you'll just have to be happy with 16GB of storage.
And if you are the type that likes to shoot pictures you'll be disappointed that it doesn't have a rear camera.
Also, the review unit is a WiFi-only model. If you prefer to be connected at all times you should wait for the 3G model which Asus expects to ship in the near feature.
All in all, you are getting a lot of features in a 7in form factor. It is also one of the best Android tablets we have used so far.