The Nexus is better hardware. It has a better display (in terms of both resolution and quality) and more horsepower so it'll be more responsive. That said, it is missing a couple of features like an SD slot and a rear camera that the 7" Tab has so if those are important to you it's something to consider.
For me though, speed and display quality are the two biggest factors in a tablet so I'd weight those much more than secondary things like expandable storage or a 2nd camera.
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