You can't really compare the SPU's with actual cores, frequency =! perf.
IIRC IBM had rated a single SPU to be equivalent to a P4 at 4ghz but with a much smaller power draw (5w I think?). The llano's use 32nm k10.5 with no L3 iirc, K10.5 trounces all over the various P4 models. Given when its coming out, if it is an AMD apu, it'd more likely be based on Trinity than Llano, maybe even Kaveri with the Steamroller arch if we're lucky.
The main reason I highly doubt these specs is that using an APU and a 2nd card means it'd likely be running in crossfire or something similar, something I can't see being used in consoles.