Less than a week before the Consumer Electronics Show, low-cost electronics maker Vizio has shown its hand, announcing two new entries in the increasingly crowded smartphone and table PC arenas.

The Irvine, Calif.-based company said the Via Tablet and the Via Phone, both of which will run on Google’s (NASDAQ:GOOG) Android mobile operating system, are positioned to undercut Apple’s (NASDAQ:AAPL) iPad and iPhone on price — a strategy that Vizio has used to great success against high-end competitors like Sony (NYSE:SNE) and Sharp in the HDTV market.

The question is, will Vizio’s offerings be attractive and functional enough to lure consumers away from Apple’s popular devices and, more importantly, from other smartphones and tablets running Google’s popular operating system?

The Via Tablet’s specifications are very similar to the Samsung Galaxy Tab, the lone major competitor in the Google Android tablet market. The Via features a 1GHz processor, GPS, both Bluetooth and 802.11n WiFi wireless communication, and a front-facing camera for video calling. At 8 inches, the screen is larger than the Tab but still smaller than the iPad.

Much like Samsung’s smaller Galaxy S, the Via Phone shares the same specifications as the Via Tablet albeit in a smaller package, sporting a 4-inch high-resolution touch screen. Both devices will have access to Vizio’s new Vizio Internet Apps Plus marketplace as well as the Google Android Apps Market, giving both handhelds a healthy selection of applications.

The Via Tablet stands a good chance of stealing away Samsung’s fledgling market share in the tablet sector thanks to the device’s near identical specifications and a lower price point. And Vizio’s tablet won’t have 3G connectivity, making it very attractive to users not interested in being tied to a contract with supporting carriers.

Wireless connectivity tech highlights the biggest unanswered question surrounding the Via Phone. Vizio’s announcement doesn’t mention whether the phone will support the GSM or CDMA 3G standards, leaving it up in the air as to whether AT&T (NYSE:T), Verizon (NYSE:VZ), Sprint (NYSE:S), or T-Mobile will support the device.

It’s possible that Vizio could position the Via Phone as a 4G device, but given the firm’s history as a low-cost technology maker, it seems unlikely.

It’s also unknown what version of Google Android Vizio’s handhelds will use. The current version of Android, version 2.2 Froyo, isn’t tailored for tablet PCs, a point Google itself has continually stressed. Google is going to unveil Android version 2.4, nicknamed Honeycomb, at CES alongside the still unnamed Motorola (NYSE:MOT) tablet which will serve as Google’s flagship in the tablet PC market.

 The Via Phone certainly won’t suffer from running Android 2.2, or possibly the just-released 2.3 Gingerbread version of Android, but the Via Tablet’s debut could be marred by antiquated technology. Still, Vizio may have an ace up its sleeve. The company is working closely with Google on a number of products, including new Via Plus HDTVs and Blu-ray players that will include Google TV. Given Vizio’s support of Google, it’s possible that the VIA Tablet will be released with the Honeycomb version of Android.

 As of this writing, Anthony John Agnello did not own a position in any of the stocks named here.