The best plausible specs we have so far are a single PPC at around 1.1 GHz, probably derived from 750FX or 750GX. This CPU is barely superscaler with limited SIMD support. The GPU is apparently just a Flipper stretch - it possibly doesn't even have more pipes than Flipper and may still only be fixed function. It's up against CPUs with similar IPC, three times the clock and multiple cores and GPUs with complex shader support and many more pipes. To say it's a quarter as powerful may be flattering it, unfortunately.
I don't particularly care about the power deficit - as I've repeatedly said before, I don't really want what Sony or MS are offering because I don't like the kinds of games they license on their systems, irrespective of how many FLOPS or pixels they push and that I think I can count on Nintendo for a system that will provide me with entertaining games at a non-outrageous price. However, I don't think we owe Nintendo a great debt of gratitude for the expected price or need to be overawed that they've fitted low-end laptop parts into a small case.
[EDIT: clarify specs]