Texas Instrument describes the 2420 as a "smartphone on a chip"
The 2420 has a five-fold performance increase over the OMAP1710 used in today's high end smartphones, and around a 100 fold increase in floating point operations.
Sony Ericsson's P990 smartphone, and Nokia's N series and E series are the first devices to feature the 2420 and EKA2, and both have chosen to increase the feature set rather than slash the BoM cost. In almost all of these devices, the manufacturer has opted for a higher density screen and Wi-Fi.
What this means is a faster processor which can hadle 100 fold increase in floating points, one powerfull processor and not two saving Nokia money which is invested into high res screens and Wi-Fi such as the N80, the roumar about the 330mhz processor i believe is true.