The Fable, very appropriately named, and even more appropriately designed, is the world’s first wireless children’s tablet, and probably the world’s first real children’s tablet of any sort.

It was built by Isabella Products in partnership with powerful Boston publishing house Houghton Mifflin Harcourt, which really, is so very appropriate, because it sounds like the name of a flying magical or something along those lines.

Isabella Products was named after its founder’s daughter, who is now in kindergarten, and whose experience growing up alongside her family in a digital world apparently was the inspiration for the tablet, but also a big part of the design process, and even crash testing – because an essential perk of the new device is its ability to withstand abuse at the hands of kids.

The 7 inch Fable will run a custom-made Android platform, will costs somewhere between $149 and $179, and will start selling mid 2011. The touchscreen tablet will let children read and play, as well as probably learn and train their artistic side, then share everything over mobile networks.

Much of the content on the Fable will be provided by Houghton Mifflin, who has a large collection of children’s books and whatever other kinds of content children consume. Additional content will be available online, and cost between $0.99 and $3.99, on top of a monthly fee for the Fable. Other publishing houses and content partners will be joining the initial partnership to assure a wealth of content is available for kids.

On the parent side, there will always be control over the Fable’s contents and activities through a wireless management portal.