It is powered by the Qualcomm MSM8255 chipset meaning it comes with a 1GHz processor, 512MB RAM and the Adreno 205 GPU. It will also come with a front facing camera. A dedicated Walkman hardware button will provide instant access to the music player.
Other features include a 1200mAh battery, xLoud (that appeared on Xperia phones following the recent firmware update), Qriocity music/ video services and an Infinite button to access content from your favourite artist. Pricing is unknown right now. For more pictures click here. The white paper can be found here.