Most of all it has nVidia Tegra 2, 4" display, and will come in early 2011.
Today we are able to see some more details about this device.
The prototypes which were shown are using Android 2.2 Froyo, but I guess it will be launched with 2.3, or will recieve an update soon after release.
What I like about the device is look, maybe it's not beautiful, but seems like a solid device.
Also props for LG for attaching HDMI port.
Another cool thing are controls in the notification area (looks very much like Glaxy S for me), and the idea of adding music player contorls there is nice too.
The thing I dislike is the LG launcher & widgets. I'm rather a fan of stock Android experience, and the LG's launcher seems to me like a child of Samsung and HTC designers which were fired from their job.
Thanks that we still are able to use 3rd party launchers on our devices.