I have a T301 - which is a step up from this, (got it on Woot, go figure). I will say if you go into it with your eyes open, then it can be a fun device.
It is not an iPad, it's not a Xoom, it's not even a Kindle Fire. Do not expect a $50 tablet to give you everything a $600 one would.
No, you won't watch Netflix on it, or Hulu, or Amazon Prime Videos. You might get YouTube.
That said, it is a fun toy. It is a good mp3 player, and not-HD-videos that you have copies of already, or can download off the net, (as in, not streaming).
It is a decent eReader, especially for comics. And it's good for checking email, serving as an alarm clock, playing small games (Angry Birds will not render properly for me, so I mean LIGHT games), doing light web surfing, (Don't expect Flash to work - at least not out of the box). And, as has been mentioned, a picture frame. Oh - or maybe a tablet for the kids... no, not the teens, they will be mad - I mean, KIDS, like 6-12ish.
If that's worth $50 for you, then go for it.
If not - there are great deals on far more capable tablets on other sites (cough - EBAY - cough). I have an Acer Iconia Tab A100 - and you can get those for about $160 now. That is an INCREDIBLE deal. No compromises there. Ice Cream Sandwich, HDMI out, capacitive touch screen, yada yada yada.
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or, you know, don't. It's up to you.