I would avoid this. The single Cortex A8 is going to run Android 4.x pretty slowly. There are better kid oriented Android tablets at the $150 (will get you dual Cortex A9) and $200 (Tegra 3) price points. I picked up the Nabi 2 for $130 on Black Friday, and that's got a Tegra 3 + 1024x600 screen.
Also, these two quotes taken together are kind of funny:
"It epitomizes the Polaroid brand personality"
"the tablet was designed and manufactured by Southern Telecom, an authorized Polaroid licensee"
Polaroid tablets have been out for a while now the are made by ST
Hastings sells them as does Big Lots and Menards
7" 10.1 "
Freaktab has lots of threads on it's forums Custom Roms and much more. So instead of guessing I would start there. When you learn about how to customize Tabs they run much faster and use less juice.
They come partially rooted.
I got my 7" PMID703c for around $79 my 10.1 PMID 1000B was $139
Android PC/TV player sticks are a big hit now they come with Rockchip 3066 dualcores
Just not worth the price. I'd rather just give my son one of my older tablets and let him have at it once I set it up for him. Even if that was not a option the price/specs combo just seems to be a waste.