What are the tech specs for the Google Glass hardware?

Technically, Google Glass is a stand-alone mobile device capable of connecting to cloud services via both WiFi and Bluetooth. Google has released basic technical specifications of the hardware to the press, which include:

processor : TI OMAP 4460 or equivalent
memory : 1GB, 768MB addressable by applications
data storage: 16GB, to store images, video, sound, and timeline cards
a see-through display, to show images, video, and info overlays
a bone-conductive speaker for playback of music, text-to-speech and audio cues
a camera that can record first person photographs or 30fps video
2 microphones for recording stereo sound and voice commands
a touchpad on the right side so that the user can change settings and make menu selections with their fingertip
GPS, gyroscope, accelerometers, and compasses for making the system aware in terms of location, orientation and bearing.
Wi-Fi 802.11 b/g and Bluetooth 4.0
for connectivity
a microUSB port for charging and docking
a rechargeable battery (non-removeable)
all self-contained within the frame

Pragmatically, since the Glass hardware package is missing a cellphone radio, it will make sense to pair your glasses with your smartphone, if only to use your phone as a MiFi net access point.

And for heavy lifting, such as computer-vision based applications like face recognition, object recognition, etc, it will make a lot of sense to have the phone do the processing and the glasses to serve as the I/O device. Such an app model could greatly extend battery life on the glasses. Vision-based image processing could also be done in the cloud, though this may introduce significant lag, bandwidth and battery challenges.