The iPhone 5 has 1GB of RAM:
http://www.macrumors.com/2012/09/15/apples-new-iphone-5-has-1gb-of-ram/
It is also using Apple-engineered custom ARM architecture:
http://www.macrumors.com/2012/09/15/apple-a6-processor-a-custom-apple-design-prioritizing-performance-and-power-efficiency/
Interesting news. Still no word on clock speed or number of cores, though.

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