Those three hundred bones get you an 8", 1280x800 IPS display, a 1.8GHz Bay Trail Atom chip, 2GB of RAM, 32GB of solid-state storage, and Windows 8.1. The device weighs in at 0.77 lbs and measures 0.3" in thickness. Amazon says the battery life is 10 hours, but Lenovo's website quotes a shorter, seven-hour run time. I'd be more inclined to trust Lenovo on this one.
What else? Well, there's a two-megapixel camera at the front and a five-megapixel one at the back, and Lenovo had the good sense to include a microSD slot. Folks with a little more cash to spare can spring for a 64GB version of the Miix 2, which Amazon sells for $349.99.
As Liliputing points out, this isn't the first 8" Bay Trail tablet out there. Dell's Venue 8 Pro is in stock now for $299.99. The site also mentions the Toshiba Encore, which is listed for $329.99, but that one doesn't seem to be in stock yet.
It's nice to see full-fledged Windows tablets hit lower price points. That said, I'm a little disappointed that none of these offerings have high-PPI displays. 1280x800 may not look so bad with ClearType, but it feels kinda stingy compared to the $229 Nexus 7's 1920x1200 screen. Oh well. I guess the Nexus 7 doesn't run Office and all your Windows apps.