It's really hard to make convincing generalisations about this.
A lot of people seem to be happy with their cheapie tablets as a e-readers, tinker boxes, light web browsers, portable video players, etc.
Noone who really wants an iPad equivalent is going to be happy with one, though. Different leagues.
Like all technology, it comes down to what you want to do with it. I'm not a very good measure of that, because I originally bought an M001 to hack on (I originally wanted to use mine as a cheap robotics controller, however it developed a hardware fault that makes it difficult to power on so it's not really a good candidate any more.)
