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).
Update: I still haven't found any specs on the Verizon website but numerous blogs are reporting the above specs as fact. If their info is correct then this tablet will also have 8GB of Flash storage, a microSD card slot, and a 3.2MP rearcam.
In terms of software, Verizon's post mentions the Kindle app and Google Play as well as Verizon's own apps.This tablet will also have access to the RedBox Instant streaming service, which Verizon runs as a joint venture with Redbox.
And way down at the end of the post Verizon drops a hint that this is only their first gadget; they write that the Ellipsis 7 "is the first product from Verizon Wireless in the Ellipsis family". While some might take that to mean Verizon plans to release more tablets, I wonder if they are planning to also release a smartphone.
I was surprised to read about this tablet last week and I was surprised by the price. That $249 price tag is quite good, or at least it could be if the specs match the price. In comparison, the new Nexus 7 (with LTE connectivity) costs $349. If the Ellipsis 7 can come close to matching the Nexus 7's specs then it will be a very good deal.
Verizon says that they will start selling the Ellipsis 7 on Thursday. New customers can knock $100 off the price be signing a 2 year contract. Their data plans start at $20 a month for 1GB of data - rather expensive, IMO.