According to IBTimes, the Google netbook will house an Nvidia Tegra platform with an ARM CPU. If the rumors hold up, it will also have a 10.1" multi-touch screen that supports HD, come with a 64GB SSD, 2GB of RAM, and other standards like Wi-Fi, 3G, Bluetooth, a webcam, and so on. Not surprisingly, the netbook will run Chrome OS and come pre-installed with a suite of Google Apps.
The rumors also indicate that the netbook will be available by holiday season 2010 for a subsidized price of under $300, which is impressive for the type of hardware they're talking about. It would sold directly from Google's website, and they may partner with a network operator to sell it as a bundled 3G plan.
If these rumors turn out to be true—which at this point, who knows—that's a welcome step up from the current generation of netbooks.