It looks like the race for media-driven tablets is going to keep getting tighter. Engadget is reporting that Barnes and Noble is adding to its Nook line with another full-fledged tablet. But wait, doesn’t B&N already have one of those in the Nook Color?

Well, yes. But this one is reported to be…better. The new tablet is said to be a 7-inch IPS, boasting 16 gigs of internal memory and a 1.2 GHz dual-core OMAP4 processor with 1 GB of RAM. The tablet is aimed to compete directly with the Kindle Fire and is being priced at $249. Why the extra fifty bucks over the Fire? The additional storage space is our best guess, but that means that B&N plans to go the download route, versus the Fire’s direction of being more cloud-based.

Documentation for the forthcoming tablet touts its ability to have HD “Movies, TV Shows & Music”, via Netflix, Hulu and the other usual suspects. We’ll have to wait and see exactly how the tablet pans out, but things in the more-than-affordable super-reader space certainly are getting interesting.