Update: Sounds like a 1.2GHz processor -- not exactly a rocket, but probably adequate for a stripped-down Windows 7 build. We're also hearing September / October availability, in line with Windows 7, and a €450 ($633) pricetag.
Update 2: So much for our hopes -- the event is now over and no Android announcements were made. Charbax from techvideoblog (who is at the event) says we'll see more info on September 15.
Update 3: As you'd expect, ArchosLounge is on the scene and they've nabbed some hands-on pics. Check a couple after the break -- we think it looks sort of gigantic, but maybe that's what the world's been waiting for.
[Via UMPC Portal]