Instead of 1GHz and above, the two ARM-based cores are running at 500MHz, but the chipset is complete with its own 3G, Wi-Fi, GPS and Bluetooth connectivity suite. The SoC also supports multitouch on screens with HVGA resolution, and cameras up to 5MP. All low- to mid-range features nowadays, but we'd imagine Android phones with it might break the $150 barrier downwards.
Besides the low price point, the features that set it apart from the pack, are that the chipset supports dual SIM/dual standby mode, and has a low-power NFC chip embedded, so your affordable phone won't be left out of the mobile payment revolution. The NFC chip is Broadcom's own creation, it can store data locally in its own memory, and draws power only when activated by an NFC reader at POS terminals. Sounds good, moreover the chipset is already sampling with select customers, and will be commercially available in the next quarter.