I did a little searching and noticed that Nintendo hasn't really confirmed any specs, at all. A hacker named @marcan42 on twitter confirmed the specs: CPU @ 1.24 Ghz and GPU@ 550 Mhz, he also states "roughly" 500 gflops.
It seems that most people absolutely take his word on the 1.24 Ghz CPU, but seem to doubt the "roughly" 500 gflops he claims. I find that a bit hypocritical, he's either reliable and credible, or he's not. In fact, I have noticed a few members absolutely disagree with the 500 gflops even going on to say that the Wii U is extremely weak and can't compete with the likes of PS3 and XBOX360. Making it seem they only agree with 1.24 Ghz because it fits right into their Wii U sucks agenda.
I happen to agree with @marcan42, I believe he was correct with the 1.24Ghz and his analysis of the GPU is most likely correct or very close.
So my question is, if you agree with the 1.24 Ghz, and do not agree with the 500 gflops, why?
Patents.... Don't just pop up out of thin air, they take some thought.