While I am still waiting for my PI. I saw this In some ways it has similar specs to the pi. Though I do like the fact it has a VGA connector as well.
Android 2.3 as the operating system is an interesting choice. It seems it will have limited access to Google Play for Android apps.
I can see it being used as a media centre, or Smart TV box.
No doubt there will be other things it gets used for, and at 49 dollars its worth getting just to have a play on too.