To rake on the iPad, competing tablets must immediately be powerful enough to store and play media files, and offer enough battery life to last longer than a traditional notebook.

Both Olds and Enderle noted that Google could have a leg up on the other emerging iPad competitors because of the company's extensive online book collection.

"With Google's ownership and licensing of printed books, I would think this device might be their play to take away some of the Kindle and Sony e-reader market," said Olds. "In fact, it would also make them a more potent competitor to the iPad, which has been widely touted as a Kindle killer."

Olds also noted that "Google can bring a fair amount of innovation to a tablet. They have their own operating system now, plus a slate of apps that can be integrated into it. I would also expect that they would come in well under Apple in terms of price."

Enderle restated that in addition to the feature list, iPad competitors must hit on all cylinders when it comes to marketing.