It makes sense if the CPU were to be dual-core. Kal-el will be quad-core, and hit tablets in August, with smartphones later. On the other hand, the timing of the phone, Thanksgiving according to the source, could still point to Kal-el as it is definitely "later."
Other specs are a 720p HD “monster-sized” screen, which would mean 4.3- or 4.5-inches, we'd guess. No physical Android buttons, apparently, only software from now on, said the source (personally, we prefer hardware buttons, as then you know you are actually pressing one). There will 1GB of RAM, 1080p video capture and playback, and offer two cameras, 1MP camera front-facing, and a 5MP camera in the rear.
The 5MP camera will include an advanced 5-megapixel sensor delivering "class-leading image quality in addition to superior low-light performance." Mere megapixel numbers don't necessarily mean superior performance (remember the 5MP iPhone 4 vs. 8MP Droid X comparisons?).
The device will be true 4G, meaning not HSPA+ but LTE (although LTE itself is questionably 4G). Whether or not that is AT&T or Verizon LTE remains to be seen, though considering the fact that Verizon will have far greater LTE coverage than AT&T for a long, long time, we'd vote for Verizon.
It's unclear which manufacturer will get the OEM nod. Since Google has utilized HTC and Samsung already, will it use one of those, or a new one, such as Motorola or even LG?
Software-wise, we'd expect Ice Cream Sandwich (Android 4.0). That version will unify the user experience between tablets and smartphones. We'd expect it to be stock Android, as well.