As its operating system, Lenovo uses Android, which in version 4.2.2 is already somewhat obsolete. At the moment, it is not clear whether and when an upgrade to Android 4.3 (or even KitKat) will be offered. On the other hand, prospects for a software upgrade from ASUS are a lot more promising.
From what i've seen on many reviews of Asus MemoPad 7 HD around YouTube, this tablet is actually really great. Even CNET praises its amazing colorful display. Its performance is also really fast, thanks to the quad-core MTK8125 processor. The camera on this tablet is also able to deliver decent photos and videos, even PhoneArena agrees with that. the only downside from this tablet is when used to play some latest heavy performing games like Asphalt 8, GTA San Andreas, GTA Vice City. Maybe it's because its HD display, those games cannot run smoothly on this tablet.
IMHO, the Lenovo S5000 isnt priced aggressively enough to make it a truly appealing alternative to either the cheaper Asus MeMO Pad HD 7 or the more capable Google Nexus 7 2. However, it marks a stepping-up of Lenovos game compared to its previous Android tablets, which tended to offer lesser-quality screens and much chunkier bodies.