Believe or not believe? I tend to believe, seeing that HTC HD2 is made to satisfy these specifications and that it was promised that HD2 will get upgrade to WM7. And just to put those specs into perspective, my Raon Everun UMPC ran Windows XP with just 6GB SSD and 600MHz CPU. Just asked Eldar if so high requirements may mean that Windows Mobile 7 is a some kind of light weight rehash of Windows XP, and he replied that it really looks so.
So will we get XP compatibility in new Windows Mobile 7 phones? Not 100% I think, but with some UI adjustments, recompiling existing XP code might be an option.