I have the 16gb Nexus 7. It was the best thing i ever bought. Because my entire campus has WiFi Connectivity, I carry it with me (pockt sized) and can just just about everything on it, pretty much eliminating my need to carry a laptop in every day use.
The battery is truly amazing, I can stream YouTube videos for 6 hours, and still be at 80% battery. It will last you all day at the minimum.
The Nexus 7 is running the newest version Tegra 3 processor, which is a 1.2GHz Quad core processor, and a 12 core GPU with a screen resolution of 1280x800 and running the newest version of Android (Jelly Bean). It is amazingly fast and smooth, and makes the user experience so much better then any other android or apple device.
Android allows customization, which apple lacks... by a lot...
Android promotes hacking around and tampering, apples policy directly defers you from that.
In response to buckshot saying that Android has glitches, as does apple... And it is not the developer of the phone, but mainly the developers of the apps.
And with android, it is pretty much compatible with anything where as others have stated, you need iTunes for your i[Device]. Just plug and play. Upload a file to your android, and it will automatically recognize it, no hoops to jump through.
One problem with the Nexus 7!!!
They have dropped native flash support.. so if you are looking for a porn device... this is not it...
HOWEVER! it is possible to get third party apps and reinstate your flash support, not using the native Chrome browser built in.
Most amazing feature: Chrome-To-Phone (available on any device >= ICS)
Puts a button in your Chrome web browser on your desktop/laptop, that when pressed, sens the open tab directly to your phone in the even you need to run out in the middle of reading some shit.