You know things are about to get crazy when NVIDIA CEO Jen-Hsun Huang and ASUS Chairman Jerry Shen are onstage at the same time. Here at NVIDIA's CES press conference, the two men just flashed a 7-inch Tegra 3 tablet with Ice Cream Sandwich. And guess what? It's going to cost $249! Got that? The same price as the much-slower, lesser-specced Nook Tablet. Given that the point of this brief tease was to prove how inexpensive tablets with current-gen innards can be, the men didn't dally with details like availability or even a product name. If these price wars continue, though, we'd almost rather ASUS take its time before sending this to market -- who knows what else we're going to see in the $250 range over the coming months?

Update: It seems to be the MeMO 370T we saw earlier today, which means this slab is sporting an 8 megapixel camera, to boot.

Billy Steele contributed to this report.

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NVIDIA and ASUS tease 7-inch Tegra 3 tablet with ICS and $249 price tag