As Engadget Mobile writes:
Guts include a rather anemic OMAP850 putting along at 201MHz, 128MB of ROM, 64MB of RAM, microSD expansion, a 2 megapixel cam, Bluetooth 2.0, and quadband GSM plus UMTS (though it’s not clear whether there are any American 3G bands kicking around in there). The big draw here — besides the presence of Windows Mobile 6, of course — seems to be a shell that clocks in at a rather svelte 14 millimeters.
14mm certainly is thin, but what’s with the lack of hardware buttons? Just because Apple thinks you only need one button doesn’t mean it’s a good idea.
Furthermore, this seems to be quite a design deviation from the original Elf photos leaked on PDADB.net. Frankly I think the white Mork from Ork egg style is much cooler.