The processor's probably the same as in the normal Milestone/Droid... which runs at a stock speed of 550MHz, and is specced to run at 600MHz. The chip overclocks to as high as 1.3GHz for a lot of people... and I'm running mine at 800MHz with a low voltage kernel. MMV, but at that speed I have almost no heat increase, and only a tiny tiny bit of extra battery draw, since the Droid runs at low clockspeed while idle. At 800MHz the Milestone's cortex A8 processor is roughly as fast as a 1GHz Snapdragon. (I benchmark a tiny bit faster than a stock speed Nexus One).
No keyboard BLOWS though. The Keyboard is VERY useful on the milestone. The camera spec increase, and HDMI are nice. I wish my device had them, but that's pretty standard fair for new Android phones. I hope they increased the RAM, since that's something that the Milestone definitely needs...
Overall, this is a big "meh". Moto didn't release this fast enough. Most people don't root their phones, so they need to use a high clocked processor if they want to be competitive with devices like the HTC Incredible, and Nexus One.
I doubt that this device makes it to the states. We'll just get the "Shadow" or whatever, which is similar to this, only with a slightly faster Cortex A8.