I've got one of those cheap Win 10 tablets too, same CPU and 1 GB RAM, though mine has 32 GB storage (+ a 32 GB SD card). They run the regular 32-bit version of Windows 10 Home, so they can technically run almost any Windows software, system requirements permitting. You can switch it out of tablet mode and hook up a keyboard+mouse (Bluetooth or USB-OTG) and it will look and work exactly like a regular Windows 10 computer. You could run Office on it if you wanted. In tablet mode, it works like any tablet, but with a smaller selection of apps than what's available for iOS or Android. There isn't even an official Youtube app, but third party alternatives like Tubecast work fine (as does Microsoft Edge).
Older games, or some of the simpler indie titles work great (I've actually installed Steam on mine), and there are also some surprisingly good games in the Windows Store, optimized for touch (Asphalt, Dungeon Hunter, Minecraft). They're amazing value at around $100, though I kind of regret not spending a little bit more for a 10" with 2 GB RAM.
