Nozomi is supposedly coming with 1.4GHz processor, 4.3-inch 720p display, Android 2.3 and 1GB RAM. It was first spotted on its way to Japan as NTT Docomo SO-02D, but the current info suggests that it will be releasing worldwide as model number LT26i/LT26a.
But one thing does not add up is the leaked Xperia Duo, which is allegedly coming with a dual core processor and is more apt for being a flagship model against Nozomi, which has a single core processor. Anyways, these are still rumors, so we would expect SE to surprise us with even better.
