The Nintendo 3DS, Nintendo's super-cool 3D handheld, will probably run a pair of ARM11 266MHz chips with 64MB RAM and a 133MHz GPU. These specs haven't been confirmed, but IGN is pretty certain they're accurate.
CPU: 2 x 266MHz ARM11
GPU: PICA200 133MHz GPU by DMP
Video RAM: 4MB
Storage: 1.5GB Flash-based
Considering the original DS ran at 64 and 33MHz with a few megabytes of RAM while the DSi simply doubled that, you can see why folks would be excited.