From Gizmodo:

[…] Google’s going to announce a 7-inch, Nexus-branded tablet called the Nexus 7. According to the leak, it’s built by Asus, with a 1.3Ghz quad-core Tegra 3 processor, GeForce 12-core GPU and 1GB of RAM with two different storage variants: 8GB and 16GB.

[…] The screen is an IPS display with a 178-degree viewing angle, running a resolution of 1280 by 800. The device will also sport a 1.2 megapixel front-facing camera. The battery will also give you 9 hours worth of operation.

[…] this could all prove to be an elaborate fake. We’ve seen them before and we’ll see them as long as there’s a rabid tech-loving public that will queue up around the block for value this good.

If true, this appears to be Google’s answer to Amazon’s Kindle Fire. If not, congrats to the those who caused tech reporters/bloggers to react excitedly.