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Under the bonnet there is a 1.6GHz dual core ARM Cortex A9 processor and 8GB of internal memory, which can be expanded using a microSD card.
At first glance, the Slate 7 is not unlike the Galaxy Tab or Tab 2, although it is a little thinner than the original Galaxy Tab and the chassis is stainless steel.
Other notable specs of the Slate 7 include a 3-megapixel camera on the rear and a VGA quality front-facing camera for video calling.
Perhaps the most compelling spec on the device is the $169 price tag, which pits it in direct competition with rival Android-based devices like the Nexus 7 and the Kindle Fire.
In addition to mid-range specs for a low-end asking price, the HP Slate 7 also offers Beats Audio integration and promises five hours of video playback from one full charge, according to HP.
While it will likely appeal to some consumers and small-to-medium sized businesses as an inexpensive way to get their first tablet, it is likely to see stiff competition in an increasingly crowded market place, particularly from the likes of Google's own-branded Nexus devices.
All images: Ben Woods/ZDNet