IGN broke some new Hardware details about the Nintendo Revolution yesterday. Today they have been able to even reveal more details about Nintendo's next generation console.

Basically Nintendo goes a very different route with the Revolution in terms of performance. This should also make the Revolution much more affordable (a price of $149 got mentioned) than the Xbox 360 or the upcoming Sony PS3.
The Nintendo discs are supposed to have 4.7GB or 8.5GB capacity (double layer). Speculations of how much RAM or the CPU clock are actually not that interesting as Nintendo does not try to compete with Microsoft or Sony on that level. They still compete with those two next generation consoles, but on the gameplay and software level. Will be interesting if the new controller concept will give the Revolution the edge over the others.
More details on IGN.