But seriously, while Nexus 7 has been out for more than 6 months, it wasn't widely available until october-ish when Google doubled its storage. I know we are now being tsunami'ed by announcements, but I wonder how long it will take before this next gen products hit the market at reasonable price points.
The best bang-for-the-buck after Nexus 7 is, well, Nexus 10. If you can ignore its somewhat ugly form, its performance is unmatched by anything available today. Since 11 year old may not be so sensitive to rounded edges, it would definitely make him happy. I know I would be if one were gifted to me. 16 GB version + USB OTG is the way to go. From what I've heard, you don't need to root it for simple media consumption.