Picked it up yesterday. First thing I did was update to 4.4.2.
Build quality -
Definitely comparable to my old N7 (2012 model). The finish on the back is very nice, minimal backlight bleed and no flex or squeaks.
Screen -
Even better than I expected. Photos and videos look fantastic, text is sharp and easy to read. Colours are great. There's probably a slightly yellow tint in comparison to my N5 but it's not noticeable in use so not an issue.
Sound -
Headphone output is good, not too quiet which was a problem with the N7. Speakers aren't bad either for a tablet.
Performance -
Seems fast enough for me. Not noticed any drops in performance with any games. CSR Classics was a bit more sluggish than N5 but not enough to change the gameplay (if that makes sense).
Software -
Well it's not as good as vanilla android. There's just nothing useful about LG's additions (that I've found so far) so they're just annoying. I've removed and disabled all of the LG stuff I can but there's still bits there. Having said that, it's not particularly offensive and I can't be bothered to root and put vanilla on.
Overall -
Well I won't be returning it, which was in the back of my mind as soon as I got it. It's well built, good quality screen, and fast enough for what I want to use it for. Plays nicely with Chromecast and my computer - what more do you need?
For £119 there's just no way this wasn't a fantastic purchase. I prefer the screen size to the N7 and it's loads cheaper. Win win!