Those specs would have been okay last year, but in 2013 they are rather underpowered. For only $50 more you could buy a Nexus 7 with a much better CPU and a higher resolution screen, though you would have to give up on the card slot.
Or for $10 more than the Memo Pad ME172V you could get an 8" tablet with a faster dual-core CPU, slightly larger screen, and all around better specs. That's the Idolian MiniStudio that I reviewed last month. The screen might be a little bigger, but I think it's worth the better specs.
And if you don't want an 8" tablet, I'm expecting to see 7" tablets with dual-core CPUs later this year that will almost certainly cost less than the ME172V. I'd wait for them.