This is hands down the best Android tablet available. It's incredibly fast, has a really good front camera, the screen looks beautiful, and the features of Jellybean (Android 4.1) are great.
Pros:
-Great size, it's not too big, but you can still easily view movies and use apps made for a big screen like Fruit Ninja.
-Adobe Flash Support (Requires some hacking)
-Very fast, it has a really good quad core processor. There is zero lag.
-Jellybean has a wide range of high quality features including voice recognition that now works offline.
-Google Now is way better than Siri and it's extremely useful
-Android is so much more customizable than iOS.
-It's three virtual buttons on the bottom allow for easy and fast navigation around the device.
-Multitasking is beautiful and much more immersive. Not even comparable to iOS.
-Has good battery life even when using GPS
-Thanks to free apps, this is a very powerful GPS that will work better than any one from the store.
Cons:
-No rear camera, I don't think tablets really need them, but it would've been a nice feature
-Fragile glass on screen, doesn't scratch easily, but it breaks easily
-Crappy speaker, although all tablets have crappy speakers
-Sometimes I hit the power button instead of the volume rocker because they feel the same and they are right next to each other
-No Micro SD card slot
Nexus 7 vs. Samsung Galaxy Tab 2 (7 inch model):
The Nexus 7 has a better screen and processor than the Galaxy Tab 2, however it does have some advantages over the Nexus 7.
1. It has a rear camera.
2. It has a built in IR blaster for use as a universal remote.
3. It has a micro SD card slot for a micro SD card up to 32 GB.
A major disadvantage of it though is that it runs the older version of Android 4.0 Ice Cream Sandwich, which lacks many features of Jellybean.
Conclusion:
Get the Nexus 7 over any other tablet unless you want a tablet with a rear camera and universal remote. In that case buy the Galaxy Tab 2.
Update 8/10/12:
Today I spilled about half a glass of water onto my Nexus 7 accidentally and it worked fine afterwards. It is quite durable against water and scratch damage.
Update 8/21/12:
Yesterday I received two products.
SANOXY Micro USB Host Mode OTG Cable Flash Drive SD T-Flash Card Adapter FOR Samsung GT-i9100 i9100 Galaxy S II 2 GT-N7000 Galaxy Note3 pcs Aqua Blue/Black/Red Capacitive Stylus/styli Touch Screen Cellphone Tablet Pen for iPhone 4 4s 3 3Gs iPod Touch iPad 2 Motorola Xoom, Samsung Galaxy, BlackBerry Playbook AMM0101US, Barnes and Noble Nook Color, Droid BionicThe USB OTG adapter works great with the Nexus 7. I can confirm that you can use a wireless or wired mouse, charge the Kindle Keyboard 3G, power a USB massager and/or light, mount a flash drive, and mount an SD card reader. To mount USB storage devices you must root your device and download Stickmount. It is surely worth $0.65 to buy this.
The styluses are also good and they work without a problem on the Nexus 7. They are a must have as well.