But I understand your concerns. For me the actual disappointment came from announcing the Nexus One would not receive it at all. The internal storage and the GPU might indeed suck for 4.0, but I find it hard to believe that there was absolutely no way to upgrade it, especially from the makers of Android. I'd expect a Nexus device to get at least 2 major version upgrades (so a 4.0 device would get 5.0 and 6.0, in this case).
Still, the Nexus tablet is something Google should've done a long time ago, and I was very surprised they didn't release a Nexus tablet in the same time with the Galaxy Nexus, to celebrate the unification of the phone and tablet software. To me that seemed like a no-brainer.
The fact that they decided to take the low-end and try to increase the Android tablet market share quickly, is also a welcome strategy, but I still think they need to be very aggressive about getting tablet-optimized apps from developers to be really successful.