The tablet allows you to make phone calls, so it's also called a Phablet (though I don't quite like the term).
Spec wise it looks like it's pretty much on par with the 2013 Nexus 7, with a few advantages like higher MP cameras and 3G support, considering that the 4G LTE Nexus 7 is $400+, I think this is a pretty good deal… although no LTE.
OS - Android 4.2.2
CPU - MTK6592, Cortex A7 octa core, 1.7GHz
GPU - Mali-450 MP4
ROM - 16GB
RAM - 2GB
Bluetooth - YES
Dual Cameras - 2.0MP front camera; 13.0MP back camera with flashlight
Display Size - 7.0 Inch LTPS, capacitive screen, full lamination technology
Resolution - 1920 x 1200
2G: GSM 850/900/1800/1900MHz
3G: WCDMA 850/2100MHz (OK for all 3 telcos, but Optus only good in non rural areas with 2100MHz)
and it actually looks really good in this video.
I would probably rather splurge and get the build quality/reliability/peace of mind of the Nexus 7..