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.
Read my blog or, you know, don't. It's up to you.