Google Nexus 7 is an Android tablet that comes with an Nvidia Tegra 3 processor that has four cores, 1280 x 800 7 inch display and a starting price of just 200 dollars for the 8GB version.
Since it is being targeted towards developers, it did not take much time to root the tablet followed by installation of clockwork mod recovery. In simple words, you will now be able run apps that require root privileges (like titanium backup which will enable you to make a complete backup of your tablet).
Keep in mind that by unlocking the bootloader will automatically perform factory reset on your Nexus 7 tablet. To do this, all you need to do is install the developer kit for Android; open terminal; browse to the platform tools directory and plug in your tablet. Then run the following commands:
adb reboot bootloader
fastboot oem unlock
Find more details at the xda developer forum, where you will also be guided on how to root Nexus 7, install super user and clockworkmod (cwm) recovery.
Also check out: Galaxy S3 usb storage mode.