On the official OnePlus forums, CEO Pete Lau has confirmed that the One will feature a 2.3GHz quad-core Snapdragon 800 processor.
Pete goes on to explain OnePlus chose the Snapdragon 800 after testing out several different CPU options and determining that the 800 was the best option as the quote below explains.
Ultimately, it was clear that the Snapdragon 800 provided the best speed, battery consumption and heat management. It also allows us to get our product in your hand faster, with the highest optimization. We didn’t want to announce our product, only to be able to ship it six months later.
On Reddit a couple of OnePlus engineers gave a few extra details about the phone. mentioning was that battery life that should be longer than a day, include an LED for notifications, and also come in both 16GB and 64GB, no mention of a 32GB model but we would assume it would also be on course for a release.
One more thing to mention is that it will run LTE but if you’re on US network Verizon you’ll be out of luck, sorry guys & girls.