Win8 Running on 528 MHz/256MB Handset.
Here is an early photo of an ARM device (an early Windows phone) running the full Windows desktop. Early in the development of WOA, the only hardware we had were existing ARM devices such as phones (ARM tablets didn’t yet exist). We just thought you would enjoy a few fairly early photos I captured of debug WOA all loaded in RAM (unretouched).
So if the Windows 8 Kernel and a full Windows 7 shell can run on a Galaxy 7 528 MHz Qualcom MS7200A with 256 MB RAM and 256 MB Flash isn't it reasonable to think Windows Phone 8 will run on current WP7 handsets?