This is by far the best mix of performance and price I have found in small tablets. But perhaps the biggest reason to love this is the aspect ratio: it is 4:3 rather than the standard 16:9 used by the vast majority of Android tablets.
I have a 7" tablet which I use mostly for reading and web browsing, but the screen is just too small to comfortably view most web pages. I want a "one-hand-able" device so don't want a 9/10" tablet, so a 4:3 small tablet is the perfect mix. The iPad Mini would be great hardware-wise, but I strongly prefer Android to iOS.
Except when viewing movies (which I rarely do) I hold the device in Portrait mode, and the extra screen width makes a huge difference. For example, the screen is nearly 40% larger than a 7" tablet, and is actually *wider* than 9" tablets, but much shorter, lighter, and less expensive.
4:3 aspect ratio
Lightness and portability
Excellent build quality
Android, not iOS
Much cheaper than an iPad mini
More tablet-aware apps than I expected
Quad-core CPU performance
USB port, SD card slot
Latest 4.2.2 Android release
Non-Retina display (1024x768, same as iPad Mini)
Slightly larger than an iPad Mini, so its accessories (e.g., covers) cannot be used
Not as many tablet-aware apps as the iPad Mini
My first unit would not boot up, but an amazingly quick and painless return process (thanks Amazon!) had a new and perfect unit at my door in 36 hours.
NOTE ON L416 vs L888 MODELS:
There are two model numbers of this tablet: A1-810-L416 and -L888. Each is listed for sale separately at Amazon, which has led to much confusion.
Contrary to information in other reviews/answers above, L888 is merely a minor hardware revision--the fundamental hardware/software specs are identical: [...]
The only difference seems to be the CPU: L416 uses the Cortex A7, L888 is A9. Sources differ on which is better. This is the best article I've found, which gives the nod to the A9: [...]
The "HP Slate 8 Pro" is a 4:3 tablet coming in Fall 2013, with a Retina-quality display. This will be the perfect device in my opinion, and you may want to wait and check it out. However it will surely be significantly more expensive.
UPDATE 12/2/2013: The HP Slate 8 Pro is now available, and is almost exactly double the price of the Acer. HP Slate S 8-7600US 8-Inch 16 GB Tablet (Soft White)
Is the higher-resolution screen and other hardware specs worth the difference? Perhaps to you, but for me: not even close.
Why the heck don't more Android tablet-makers use 4:3??!! In my opinion this is one of the main reasons iPads have been so much more successful than Android tablets. I'm amazed and frustrated that so few seem to notice or care about this extremely important difference.