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Intel's Classmate is built around the 90nm Celeron M Ultra Low Voltage 353 processor running at 900MHz. It has a 400MHz frontside bus linking it to the Mobile Intel 915GMS Express chipset, which includes the Intel Graphics Media Accelerator 900 graphics module. Like the OLPC, the Classmate has a moderate 256MB of RAM, but Intel's system has double the solid-state storage capacity of the OLPC XO at 2GB. Again, there's an SD card slot for storage expansion.
In passing, it's worth noting that Intel clearly does not expect the average user to modify or otherwise tinker with the Classmate's innards: to expose the motherboard for the above picture, we had to remove more than 20 screws and detach the screen — a process that took the best part of an hour.