With Motorola set to release is highly-awaited and much-raved-about Xoom tablet today, that is February 24, the competition in the tablet arena is finally heating up, ending months of speculation.

The Motorola Xoom, which is being considered the first potential challenger to the market dominating Apple iPad, will run the Android 3.0 ‘Honeycomb’ version, which Google has optimized particularly for tablets.

Boasting a big 10-inch 1280x800 screen, the Xoom is nearly as thick and heavy as the iPad; though slightly longer and narrower in comparison. The Android Honeycomb gives the software of the tablet the capability of making good use of the roomy screen, with apps which are more computer-like vis-à-vis those on a smartphone.

In addition, some of the other notable features of the Xoom, which make it a rather compelling device, include a dual-core 1GHz processor; 1GB of RAM; support for 3-D gaming and graphics intensive applications;

10-hour battery life; and two cameras – a 5-megapixel rear camera and a 2-megapixel front-facing one.

Furthermore, the Xoom can shoot 720p video, and even output it through its HDMI cable. It also can be upgraded free later this year to support Verizon’s faster 4G cellular data network.

The price-tag of the 3G/4G version of the Xoom will be $600 with a 2-year contract, $800 without; while the tablet’s Wi-Fi-only version – which will hit the markets later this spring – will be priced at $600.