Details are scant by we have a blurry pic to prove that Qualcomm is set to cram its Snapdragon processor under the hood of a Lenovo branded machine destined to hit AT&T. We really don't know anything about the machine other than the processor type.
The Snapdragon runs at 1GHz in several smartphones on the market today. I would not be surprised if it runs faster than that for use in the smartbook though. As for why exactly they are calling the machine a smartbook rather than a netbook, your guess is as good as mine.
The machine is set to officially debut at CES this January. We will get the full details then. From the blurry pic it appears to be an average netbook size machine of 10 or 11-inches.