In case you can’t tell by all the ASUS news today, the company is holding a press conference in Taiwan right now. They’ve just announced a new 7 inch tablet called the “Memo Pad HD7”. It does 1280 x 800, which is technically a bit more than 720p, so yes, it’s HD. Kind of.

Under the hood there’s a “quadcore ARM Cortex A7” processor. No clue as to who makes it, though I’m thinking it might be a MediaTek part. It has Bluetooth 4.0, GPS, even a 5 megapixel rear facing camera, which is amazing when you consider the price: $129. That’ll get you an 8 GB model, which for now is only meant for “emerging markets”. The more expensive 16 GB model will cost you $149, and even then, that’s an incredible bargin.

Will Google release a rebadged version of this in the U.S. as a new ultra-cheap Nexus? I don’t know, but I hope they do. Imagine how much cheaper this thing can be if they take out the cameras. Also, where’s the 3G model? This product is begging for always on access.