I think they would go along the lines of:
$199.99
A5 Processor
5 MP iSight camera (maybe)
512 MB RAM
16 GB Memory
Non retina display
Pretty much a smaller iPad 2 with a newer processor.
Little chance of that price with those specs. The iPad 2 is $399, you aren't going to get the same specs with the only difference being a 7 inch screen vs a 10 inch screen for half the cost.