The BBC have a feature on it here.
This is what they say about it:
Our first product is about the size of a USB key, and is designed to plug into a TV or be combined with a touch screen for a low cost tablet. The expected price is $25 for a fully-configured system.
- 700MHz ARM11
- 128MB of SDRAM
- OpenGL ES 2.0
- 1080p30 H.264 high-profile decode
- Composite and HDMI video output
- USB 2.0
- SD/MMC/SDIO memory card slot
- General-purpose I/O
- Open software (Ubuntu, Iceweasel, KOffice, Python)
Attribution: Original image: ‘Design by connection‘