First, the specs (at least as they stand on the model reviewed): it's got:
1GHz Snapdragon QSD8255 processor
Qualcomm Adreno 205 GPU, giving the handheld a benchmark frames-per-second count of just under 60.
It has 512MB RAM
512MB ROM and slots of a microSD card, SIM card and micro USB cable.
Interestingly, on the phone's screen, it appears games are launched via the "PlayStation Pocket" application. Before it's selected, the phone is running in "phone" mode, but once you hit the PlayStation Pocket app the display changes to Sony's trademark "XMB", making it look much more like the user interface of a regular PSP.
Remember, while there's certainly enough material here to indicate this is real, since the phone (or its specs) are yet to be officially unveiled by Sony, this should be taken with a pinch of salt.