Karbonn Smart Tab 1
Tablets like the Nexus 7 have given "affordable" a whole new definition. $200 now gets you a top-of-the-line pad, but that is not to say there aren't some great deals still out there. The Karbonn Smart Tab 1 offers some fair specs and Android 4.1 for a mere $125.
Of course, it will not come with a Tegra 3 processor, the display resolution is much lower and the overall specs will not be up to par. But this might just be the right tablet for the kids, or a frugal Android user.