It's running on an unnamed 1GHz Cortex-A9 CPU, with Wifi, 4GB Flash, and a microSD card slot. Given the price, the resistive (2 finger) touchscreen and 800x480 screen resolution probably won't surprise anyone; they're the kind of trade offs you make to get a lower the price. The IdolPad lso boasts a 1.3MP camera, HDMI output, and a g-sensor. There's no Bluetooth, GPS, or a second camera, but you get what you pay for.
Idolian posted a basic hands on video, and this does look like it's a decent tablet.
But I'm not sure if the video shows the correct tablet. I can see signs that it is running Android 4.0 Ice Cream Sandwich, not Gingerbread (listed in the specs). The video also shows the Android Market, which is mentioned in the press release.
You might want to turn off the sound before you watch this.
Idolian is also selling a number of other Android tablets in 7" and 10", as well as keyboard cases for the 7" tablets. All the others tablets are more expensive, and they also have better hardware.