This looks pretty decent for the price. Obviously it's not an iPad, and it probably has a resistive touchscreen, but if the screen is ok (some are better than others) and it really is an Cortex A9 then it might be the best of the Chinese tablets.
I see a lot of those capacitive styluses, and the thing that bothers me is that they look too wide at the bottom, as if they're designed to mimic the area of a fingerprint. If I wanted to do more intricate and accurate work, I'd like to have the finer point that a traditional stylus provides.
You might as well splash out on a device you're going to use
I have two of that device's immediate predecessor, the $100 WM8505, and I support this assertion.
I've used them mostly for messing around, reverse engineering, and playing with and actually hacking on (most of mine spend most of their time in pieces with a serial header soldered on them.)
They're fun for that, although even that can be a little tiring due to (a) crappy hardware quality, (b) crappy vendorware closed software.
It seems like a cool toy, something you don't have to worry about breaking. (But then again, $150 is a bit much for a toy.) Trying to use this instead of an iPad or Xoom is probably a path to misery, you shouldn't buy it with that expectation.
I think the best cheap one currently available is this: http://www.dealextreme.com/p/1080p-7-touch-screen-lcd-google... That is a Cortex A8 1GHz, with capacitive touchscreen for ~$200.
If you want cheap, and shipping now then this is ~$100: http://www.dealextreme.com/p/7-touch-screen-lcd-google-andro.... It might be fine for a single-use application (recipe browser in the kitchen, etc), but it's pretty underpowered for much else.