I've read somewhere it's the Snapdragon S2 MSM8655 ARMv7 CPU (same as in Motorola Triumph), which is pretty snappy and can be overclocked to 1.4 Ghz easily after rooting. I've owned both OV & MT, the clockspeeds can't be compared directly. The OV has ARMv6 architecture, so at the same clockspeed, it uses more battery and is slower. There's also memory bandwidth and other considerations. Plus the integrated GPU is faster, about ~36 fps in Antutu benchmark at 1 Ghz on MT vs ~19 fps @ 864 on OV.
A replaceable battery would be nice, but I'm pretty thrifty with battery use on a daily basis (3-4 days between charges after initial novelty wears off), so may be able to stick with 1 battery for the lifetime of the phone. To hard reset such devices, hold power button for 10 seconds.




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While not a huge leap spec wise, the phone is modern with 4.0 android and a larger high resolution screen. According to the specs it does have better battery life 8.5 hours vs 5 hours of talk time. 

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