Yes, Sandy Bridge I5 processor around 1.9Ghz is what I am hearing. It's a Quadcore processor, but since it's an i5 it won't hyper thread. Regardless, it's going to be a mean processor.
The current line up is with a much slower, much hotter Core 2 Dou.
Sounds like the same processor is showing up in other laptops like Asus sometime latter on this year, as the first Ultra Books.
From what I hear, people are foaming at the mouth for lattest MacBook Air. The question is will it get announced before or after earnings. When it comes out its going to be a shot in the arm to Apple and Intel.
I can see this Sandy Bridge processor being used in tablets. What you will give up is endless hours of battery life. What you will gain is the ability to run x86 legacy apps with ease. It would be the perfect tablet if Windows 8 is indeed viable.
I know that Microsoft doesn't always get it right (such as Vista). But they do have one hell of an install base for Windows based PC's. If it's viable, it's the dark horse that can throw the tablet wars toward the legacy x86 platform even though the UI will work with ARM processors.
At the current time people are focused on Windows 8 clunky UI. I don't think people will be drawn to it for a Windows Phone/Zune user experience. They will want the native x86 apps it can run.