So you want an Android 2.2 tablet that's under $500? Well, you can pre-order now today for only $370 from Amazon. This tablet is called the eLocity A7 and it has a 7" screen, 8.2—4.8—0.5 inches and weighs just 1.02 pounds, which puts it somewhere between ipad's and kindle 3's weight.
The specs include a Tegra 2 SoC with 1 MB of L2 cache, 512 MB of DDR 2 RAM, 4GB internal flash storage, 1.3 MP camera, Wi-Fi, Bluetooth, 1080p HDMI output and USB 2.0 port. All these are pretty much Samsung Galaxy's Tab specs without the 3G connectivity, but also with a much lower price tag than Galaxy Tab's rumored price for an unlocked device.
If you can't wait for another under $500 Android tablet to show up, then go to Amazon and pre-order one right now.