All this outrage over the specs is a bit bit silly. It's understandable that people are a bit dissapointed if their expectations were really high. I just see it as a reality check. There's limits to how much tech they can put in at that price point.
They want a low price, they want the fancy controller and the yen situation is killing them. I could afford to pay more for a more powerful console, but the price is important to reach a large market. They're taking a small loss on every sold so we can't really fault them for the price, even if some companies have taken bigger losses in the past. While it may not be much more powerful than 6-7 year hardware, it's also not much more expensive than said hardware is right now, and comes with more features and a massive screen on the controller.
Personally I'm intrigued by the concept of playing on the gamepad in bed. There are some features I don't care about they could have skipped to spend more money on the specs; I don't really care about the cameras or the NFC, I don't care about wifi, heck I don't even care about bluetooth; give me wired controllers any day. But some people want those features and together they stack up.
No matter how many wikipedia pages I read about cpu tech or memory bandwidth, I'm pretty sure nintendo's hardware team knows a lot more about building hardware than I ever will. They have a history of building nicely balanced, reliable systems, and their hardware is pretty nice to develop for. 3DS is the only one I've used official SDKs for but I've done some homebrew for Wii, GBA & GB back in the day. Maybe reusing flipper in the Wii was somewhat of a mistake. I think they underestimated the importance of programmable shaders; if they had gone for a more modern architecture for similiar cost they could probably have gotten closer to 360/PS3 graphics, though maybe not performed as well the wii did in other areas. But other than that they have a very good track record.
Even if some numbers look weird compared to the competition I expect it to be a nicely balanced system, and about as powerful as it's fair to expect given the price and the features.