Hey I work there!
About the GPU:
It's called the LT Unified GPU which is basically the 360 GPU scaled down for mobiles and consists of vertex and fragment shaders. This is the next step up from ATI's Imageon GPU. Specs:
21M Triangles /sec
PSP is 33M Triangles /sec
532M Pixels /sec (using 4x MDP scale)
PSP is 664M Pixes /sec
Max LCD: WVGA 800x480
The GPU core in this MSM will be working along side a 65nm 1GHz Dual-CPU (Scorpion/Arm9) w/ 128-bit Venum instruction set. This combination results in 3x the performance over Imageon and can push 512 textures in one pass as compared to Imageons 2 per pass.
I want one!