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I have a Acer iconia A500 and is on android 4.0.3 and its really really slow I just reset it and it still slow is there anyway I can downgrade to its original android 3.1 I will appreciate it
Your best bet is to try root the device and try flash a custom ROM.
Just in case, try disable Chrome browser and use a different one. My Nexus 7 was lagging like crazy because of Chrome. Now that I disabled it, it feels like a new device.