Unfortunately The Register article is littered with errors and poorly worded, leading to mass confusion around the web.
The BCM2836 SoC is using four Cortex-A7 processors (ARMv7 with NEON). The minimum/maximum stock speed of the ARM cores is 600MHz/900MHz, but they overclock very nicely - the default overclock is 1100MHz ARM, 500MHz Core, 500MHz SDRAM, +2 over_voltage.
The RAM chip is on the underside of the board now.
Existing Pi1 software should run unchanged on the Pi2.
