Google’s Nexus 7 is one of the least expensive tablets you can buy, but is it the most affordable? Huawei is challenging now with one tablet that offers up Android 4.0 “Ice Cream Sandwich” for less than $200, and it’s even available at the same place you buy real ice cream from.

Seen during a recent visit to Coles this past week, a version of Huawei’s MediaPad 7 has made a splash in Australia with pretty much little fanfare.

It’s not the same one we saw last year, with the HD display replaced with one capable of showing 1024×600, though the tablet is powered by a 1.2GHz processor, and features WiFi 802.11 b/g/n, Bluetooth 3.0, 3.2 megapixel rear camera, microSD, and a recent version of Android.

The tablet is hitting Coles supermarkets for the holiday season for $149, though will change to $199 after a few weeks.

While we can’t imagine this tablet will feature 3G, Huawei and Coles are throwing in an older Telstra WiFi hotspot with 5GB data on it for free, running on what looks like the older 3G network – similar to what Kogan just launched – and capable of reaching speeds between 550kbps and 8Mbps max.

Given the specs, it’s worth pointing out that Huawei’s MediaPad isn’t going to be as speedy as any of the 7 inch tablets we’ve seen this year, but could work as a gift if you’re out of ideas already.

UPDATE (5.27pm): Our contact at Huawei has been in touch with us to confirm that the MediaPad Lite on sale might actually have a SIM card slot, as seen in a new picture we’ve received and added  below.