I believe it's real. It mentions 2GB of memory, which I'm guessing is the same type of memory as used in iDevices.
This reminds me of those laptops for $50 that you could charge with a crank. It's great for developing nations (the article mentions India), but Apple needn't be watching their back. This is no iPad killer.
I don't think there needs to be an iPad Killer as such.
There can easily be an iPad alternative.
Does not to be better in all areas to offer some people what they want.
Crazy as it may sound there MIGHT be some people out there who would like a low cost tablet that runs Windows7
There are people out there who want to run OSX on a tablet.
As you only have to read these forums before the iPad's launch to see the number of people who were posting that they wanted OSX to be on the Apple tablet.
There will also be a market for low end models.
The shops could have quite a range of different tablets with different abilities at different price points.
It does not mean that any of them have to be classed as iPad killers.
The only iPad killer I can see would be Android as that's generally the same model as Apple use. only more open.
What happens in the next 12 to 18 months will be interesting.