Engadget has a few power point slides of Windows 7 phone, Dell Lighting. It looks incredible. The basic design includes 1GHz QSD8250 Snapdragon processor, WVGA 4.1-inch OLED display, AT&T and T-Mobile 3G, five megapixel autofocus camera, 1GB of flash with 512MB RAM plus 8GB of storage on a MicroSD card , GPS, accelerometer, compass, FM radio, and full Flash support which includes video playback. The shipping date is expected to be in Q4.
As per Microsoft, Flash support is not going to be available into the OS initially. The device is supposed to get an upgrade to LTE (Long Term Evolution) in Q4, 2011.