Sweet, glorious specs of the 11.6 millimeter device (that’s frickin’ thin, by the way) include a 3.5-inch 480 x 320 touchscreen display with multi-touch support and a proximity sensor to turn off the screen when it’s close to your face, 2 megapixel cam, 4GB or 8 GB of storage, Bluetooth 2.0 with EDR and A2DP, WiFi that automatically engages when in range, and quad-band GSM radio with EDGE.

Perhaps most amazingly, though, it somehow runs OS X with support for Widgets, Google Maps, and Safari, and iTunes (of course) with CoverFlow out of the gate.
nerd details and nice photos of the keynote engadget