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- 4 GHz Cell with 1 PPE 8 SPEs as originally planned
- 4096 MB XDR2 RAM at 8 GHz
- RSX2 based over mid-range Geforce 4xx-5xx
- Blu-ray drive 8-12x speed
- Sony-mote
- 4 USB ports, 1 gigabit ethernet port, flash card reader, wi-fi

Some improvements over the PS3 base, most of them developed by 3rd party makers, so low developing costs. Perhaps release price of ~$399 sold at profit like the GC.
It will launch at the same time as the X720. Or do you think Sony is on gaming business to lose money? They won't release a console at loss and after its competition knowing now no brand is untouchable.
Perhaps they'll even try to release it before MS or Ninty, at end of 2010 or the like.