It will be interesting to see what comes of this MID, as the results could pave (or possibly inhibit) the way for a slew of Android-powered portable media devices. As reported by Engadget, the Archos 5 utilizes an application layer in order to get more bang for the hardware buck with Android, which does not yet support hardware graphics acceleration.
The device has a 4.8-inch 800 x 480 touch screen and an 800 MHZ processor. It can crank out 720p video over HDMI. See the full picture gallery and 3 videos over at Engadget. Full specs can be found at theandroidsite.