According to @evleaks, the device is packing a dual-core MSM9860 Snapdragon S4 processor, so we can expect it to be pretty speedy. Android 4.0 is also present, but given LG's track record with updates, who knows if it'll ever seen 4.1. A 4" WVGA display, though, is definitely a bit of a letdown. WVGA, really LG? Even for a budget device, qHD has generally become the standard. Still, there's obviously a small sliver of a market out there for QWERTY devices, and the internals on this one should provide some level of protection from hardware obsolescence.
There's still no info on a release time frame, so we'll keep our ears open on this one.