This tablet will run Android 4.2 on a quad-core 1.2GHz processor. It ships with 8GB of storage, a microSD card slot, a pair of front-facing speakers, Wifi, and at least one camera. The screen resolution is said to be 1280 x 800, though that has yet to be confirmed.
This tablet will ship with the Kindle app, Chrome, Google apps, and several apps from Verizon (VZ Navigator, Verizon Messages, My Verizon and Redbox Instant).
The retail price on this tablet is listed as $249, which is not bad for the listed specs. The 4G equipped Kindle Fire HDX starts at $329. While I am sure it could have better specs I wouldn't be prepared to write this tablet off right away.
Verizon is actually the second US telecom to develop an interest in Android tablets with 4G (besides selling them); last week T-Mobile announced that they would throw in a free data plan with any newly purchased 4G tablet. That plan is limited to only 200MB a month, but for a freebie it is still a very sweet deal.