The family of processors support HSPA+ or HSPA_/CDMA2000 1xEV-DO Rev. B. For graphics, they support 2D and 3D acceleration engines for Open GLES 2.0 and Open VG 1.1. Video is no sweat either as they support 1080p encoding and decoding for display on a crisp 24bit 1280x800 screen.
Of course, low power is mentioned several times in the press release, but you have to wonder how much battery life those dual cores will consume.
While raw power is nice, one potential benefit of multiple cores in mobile devices is multitasking. The iPhone hasn't supported multitasking since it launched in 2007, though version 4 will have limited support for very specific tasks. Windows Phone 7 removed multitasking from Microsoft's mobile platform after supporting it for over a decade in its predecessors. Power consumption is one reason, but having a rogue process hog the processor causes the device to act sluggishly and that generally is blamed on the device, not the third party app.
Having multiple cores means you could theoretically lock third party apps to the second core and leave primary device functions on the first core. Whether or not platform developers make use of it this way remains to be seen. At best, we are a few years away from this. It does raise interesting possibilities.
You can see the full details Qualcomm has announced in the press release.