Under the hood there's a 240Mhz ARM processor, which has DSP and Java acceleration built in, and 16MB of SRAM, expandable to 128MB, giving the player enough juice to run Adobe Flash and Java apps with future firmwareupgrades.
If anything, the work is almost too faithful: the current hack turns off LTE, caps the internal storage at 8GB and even requires using Nexus 4 firmware for future upgrades.