Ouch, that's running a very old version of Android. Not even Gingerbread. :/
And those aren't very good specs, either...
However, if you root the device, you can probably find more things to do with it. At the very least, there should be some emulators you can fuck with- and the multimedia capabilities are pretty decent.
The iPhone 5 was just announced, of course it's going to be really powerful. However, if- and this is a huge if, because we don't have the specs on the processor and GPU yet- if it does happen to be more powerful than the current top-line Android, the Samsung Galaxy S3, it's no huge accomplishment because that phone came out three months ago and costs significantly less.
This is a thread about dude asking what to do with his Android tablet.
Please, please, please, please, PLEASE stay on-topic and keep fanboy bullshit out of here.