Thank you all for your replies and the discussion you got going, it's very helpful and informative. I'm glad I'm part of this active community.

According to Wikipedia it has 1GHz ARM 11 and it doesn't have 4G modem.

I strongly suspect it runs a highly stripped version of MeeGo. On Microsoft's meddling, it has been made hard to use, so that customers are goaded/cajoled to buy their higher priced mobile phones.

My previous phone N73 had much less hardware and it still has lot more convenient features.