It's running Android 4.1 on a 1.1GHz CPU with 4GB Flash storage, 512MB RAM, Wifi, a VGA webcam, and a speaker. There's no mention of the screen resolution, so I would not assume that the resolution is higher than 800x480. There's also no mention whether this is a single core or dual core CPU, though the press release does hint at a GPU.
The good news is that in spite of this tablet having specs that are 6 months out of date, it does ship with Google Play. It's one of the first budget Android tablets to gain Google's approval (there have been others), and that adds a lot of value.
But I'm not sure that Google Play is enough t o make this tablet worth getting. according to the spec it only has a battery life of 4 and a half hours, and that simply isn't enough to suit me. Ematic has also underwhelmed me in the past when I tried their first super-cheap $80 Android tablet. It was horrible; it was so bad that it is almost enough to make me decide against ever getting this one.
On a related note, this tablet is not available yet. Given that I expect better tablets to come along in the next couple months I don't think this one is worth waiting for.