Project Tango is basically a camera and sensor array that happens to run on an Android phone. Google didn't share many specs beyond the camera array, but we dug up a little more:

Snapdragon 800 quad core (up to 2.3 GHz per core) CPU with 2 GB LPDDR3 RAM

64 GB internal storage, expandable by microSD

5" LCD screen

9-axis accelerometer/gyroscope/compass

And of course, the depth-sensing array: an infrared projector, 4 MP rear-facing RGB/IR camera and 180º field of view fisheye rear-facing camera