Here's Texas Instruments' summary of what the OMAP 1710 in the 770 is:
The OMAP processor is a single-chip applications processor that supports all cellular standards and complements any modem or chipset and any air interface. It is intended for high-volume wireless handset manufacturers. The 770's OMAP1710 is designed to handle a variety of application tasks in parallel. Users enjoy several features and services concurrently. This unique multi-engine approach ensures an active multimedia application will not be interrupted or degraded when a separate application, such as an operating system control task, is launched or running simultaneously. The processor enables application developers and cell phone designers to reuse and build upon existing software.

I believe that a later model of the 770 will feature the OMAP 2420. The OMAP2420 includes the benefits of the OMAP 2 architecture’s parallel processing, giving users the ability to instantly run applications and operate multiple functions simultaneously without quality of service compromises. The OMAP2420 includes an integrated ARM1136 processor (330 MHz), a TI TMS320C55x™DSP (220 MHz), 2D/3D graphics accelerator, imaging and video accelerator, high-performance system interconnects and industry-standard peripherals.

Nokia is on record that new firmware for the 770, due early in 2006, will enable it for VOIP. I won't be surprised to see GPS. That's the kind of stuff the TI chip in it is designed to do. Still, I care about the apps - remote access to apps, that is. And I care about getting my hands on one of these, ASAP. I'm used to waiting for game consoles for years, though, and the wait for the 770 doesn't dissuade me in the least.