The hummingbird is better, but not by much. We're talking about a few dollars difference in manufacturing costs.
The ipad has amazing hardware and build quality. Huge battery, huge, really nice IPS display, and the glass and aluminum casing.
Moreover, Samsung manufactures many of the parts themselves, so they can get them at low prices.
Sent From My Samsung Intercept
Again, not true. First off, build quality costs nothing. It's simply a matter of making the right decisions on which parts to buy. Normally, retooling a machine to churn out the frame of a phone or tablet is a big part of the cost. The raw materials are cheap. Samsung comes in and says, "Well, we'll order a few hundred thousand, and then we'll come back when we need more." Apple walks in and says, "We can guarantee that this entire factory will produce nothing but iPad backs for a year, and if they're solid, you'll get the contract for the next one as well, so your R&D costs are almost nothing." HUGE, HUGE advantage in costs there.
As for many parts being Samsung parts, yes, you're right. But let's look at the display for example. They spent months or years on the technology behind it, they spent lots of man-hours getting the manufacturing of those parts just right, and now they need to make x amount of money on them to recoup what they spent, knowing that technologies like that are always changing. It's a brand new device, so even if it might be cheaper later, the first versions of it will be expensive. Same goes for the CPU. They made them, and they can give themselves a good deal on them, but each part has to be profitable on its own. They're not going to come up with a cost for the device as a whole that includes no profit for their chip department and their screen department.
As for the iPad, IPS displays have been around forever, very little R&D costs to recoup for those. Much cheaper than a Super AMOLED display. Aluminum isn't that expensive, and again, if you can guarantee massive production runs, the margins from the manufacturer can be low, and the cost to Apple is very low.