The first prominent thing to lookout in this phone is the absense of “Ericsson”. This phone is announced with Sony branding, following Sony’s buyout of Ericsson.
Sony Xperia Ion features a 4.6-inch 720p display running on 1.5 GHz dual core Qualcomm processor, 12 MP camera built with Exmor R sensor, having the functionality to click stills in 1.5 seconds, 1.3 MP front-facing camera with 720p video recording and 16 GB onboard storage.
Unfortunately, this phone runs on Gingerbread and one can expect the Ice Cream Sandwich update later after the launch.