The phone is "about the size of a credit card", and has a Qualcomm 7230 Snapdragon processor, clocked at 800 MHz. It's the same one we have in the T-Mobile G2, folks, so this tiny phone shouldn't complain from lack of power, since the chipset is built with the 45nm technology. Whether the 2.6" display will provide bearable screen real estate though remains to be seen.
There is a a 5MP camera, plus all the goodies expected from a modern smartphone, like Wi-Fi, GPS, microUSB port, Bluetooth and audio jack. It will run on HSPA+ networks, like AT&T and T-Mobile.
The HP Veer has 8GB of built-in storage, and same memory as the Palm Pre 2, 512MB RAM. Look for the tiny webOS 2.2 phone in the Spring. Sadly, it was not specified on which network the bite-size HP Veer will appear, or how much it will cost.