256MB's of ram is pretty good being that its system ram. I automaticaly assumed that does not include the dedicated grafix ram that would probably be either 64MB's or 128MB's. It would be a sin to have next generation console sharing ram with everything else.
The processor speed(if correct)is amazing for a console. But you will need a lot of power to run a game at perfect resolution with all effects on, on a HDTV. The present xbox can do some amazing effects but it just not powerful enough to do the effects 100 percent of the time. Games like Halo 2 pushed the limit of the xbox(heck the first Halo did that!). Even though the X2 processor is amazing, it would probably be a watered down version of the actual proccessor thats on the market. Just like the current xbox processor is a water down pentium 3.
Im glad they chose to stick with dvd9, 8 to 9 gigs is plenty of space to make any good game.
Optional HD is cool, I guess.
I just hope the system isnt big and bulky, which is probably the main reason why the xbox had a slow start. Especially in Japan.