I can see them placing MBA type flash on the board for the OS install, then a hard drive for file storage. Similar to the top iMacs with the 256GB SSD and 1TB hard drive, but replacing the SSD with flash on the board.
I think the nearest equivalent to this would be a Sony Vaio X series - http://www.sonystyle.com/webapp/wcs/...52921644667494
11.1" 1366x768 screen, SSD storage, 2GHz Intel, 2GB RAM, Memory Stick & SD slots, Wifi, Bluetooth, Verizon mobile broadband (3G?), 12 hour max battery, 0.55" thick, 1.6lb weight.
Apart from all the points already posted, there's no black plastic panel on the back for a wifi aerial, like the current touch, and like the leaked photo of an iPod touch with a camera a few months ago.
Although, if the polished back photo above is the real thing, I am surprised they're going with that, I thought they might have made it a unibody aluminium back, like a mini iPad (but with a wifi aerial panel )