No hdmi, micro sd or any rear camera ... in this price point there are bound to be trade offs.
True, but the "trade offs" are quite different, and the device you posted is significantly more crippled than the Nexus 7 for what the device is meant to be.
While it's been argued about here in the past, the fact is that most people could give two craps about a rear camera. The front camera is what matters, since people will use that much more frequently for video chat.
HDMI is fairly irrelevant. It's nice to have for some people, but most people have no use for it.
MicroSD is a definite asset and useful for a lot of people. If this was the only difference, I would say go with the one that has it.
However, the device you suggested is deficiencies that, IMHO, outweight the pros of external storage. The crappier processor will make the device significantly less responsive and useful for normal use. The resolution is also worse, which makes watching videos, reading books, etc. (basically, what the Nexus is designed for) more unpleasant. Also, the manufacturer has had a track record for bad devices. Google and Asus have a much better reputation.
It also runs ICS, with no guarantee to get a JB upgrade (outside of custom ROMs, which most users don't care about).
Oh, and that review is wrong. "1,024 x 768" is NOT "HD".