The Transformer Prime is the best reviewed Android tablet on the market today, but Asus aren’t resting on their laurels. As well as coming out with an upgraded, 1080p version of the tablet they’re also coming out with one in a new 7” form factor.

The tablet is called the Asus Eee Pad MeMO ME370, and it is powered by the same powerful quad-core Tegra 3 as the Transformer Prime. It also features the same resolution as the original Prime, at 1280 x 800 pixels. The Memo will also ship with Ice Cream Sandwich, which hit the Transformer Prime earlier this week and is coming to the original Transformer in February.

Its other specifications are quite standard – it’ll be available in 16 GB or 32 GB variations, expandable via microSD, and also comes with the standard wireless connectivity suite (GPS, Bluetooth, Wireless). There’s also a five megapixel rear camera on the back, and a 1.2 megapixel front-facer. The battery life is only 8.5 hours.

One thing it doesn’t share is the price – the Memo is just $249, a fraction of the $499 Prime and $599 Prime HD. That’s putting it in Nook Tablet and Kindle Fire territory – it looks like the tablet price fall that the HP Touchpad fire sale kicked off is truly in effect.

The Asus Eee Pad Memo will be released in Q2 this year, meaning it might be released near the rumoured Kindle Fire 2 and the iPad 3. Even so, this looks to be a top-notch tablet for the price.

This article was written by William Judd. William writes for Mobile Fun, the UK’s leading online retailer of Jawbone accessories and sim free phones.