Today seems to be the day of the low-cost tablets aiming big. Just after we wrote about the Perfeo-9706 IPS, here comes another budget contender with similar jaw-dropping specs for its price.

Ainol, unlike Perfeo, is a relatively better known Chinese manufacturer, known for producing low-cost but feature rich tablets for those looking for a budget device with basic functionality without having to punch a hole in one’s pockets. With its new 9.7″ quad-core offering which Ainol claims is comparable to those of the Apple New iPad, Ainol seems to be getting ready to reinvent its image

The Novo 7 Legend will sport a 1280 x 800 resolution IPS display on a 9.7″ screen, and pack a yet unspecified quad-core SoC, 1 GB RAM, 16 GB internal memory expandable via microSD, and run Android 4.1 Jelly Bean. The device will reportedly cost around $240, and should be released towards the end of October.

If all the specs and features mentioned above are true, then $240 is a pretty decent price for the Novo Legend. But  then, the 32 GB Nexus 7 is likely to be out soon, and so is the iPad Mini. Will Ainol have what it takes to compete with them? Price-wise maybe yes, but whether it can lock horns quality and dependability wise remains to be seen.