The C64 doesn't really need an introduction, I'd say. It's definitely from before my time, and I can't recall ever having used one - although there's one particular machine I used when I was about 6-7 years old that I can't recall which could've been a C64. A whopping 30 million of these were sold, making it the best selling personal computer of all time.
The C64 had a MOS Technology 6510 processor running at ~1Mhz (it differed slightly depending on PAL or NTSC), sported 64kB of RAM and 20kB of ROM. The version currently being promised by Commodore USA would have the exact same case, yet have completely different internals - a fairly standard Intel Atom affair.
Commodore USA had to reach an agreement with the Dutch (?!) Commodore Licensing B.V. in order to get the rights to make this product.
"We are ecstatic to be partnering with Commodore Licensing B.V. in this new, exciting product launch," says Barry Altman, president and CEO of Commodore USA, "The legacy of the Commodore C64, which sold over 30 million units, making it the best selling computer of all time, and our reintroduction of this legendary form factor, combined with the world's most recognizable consumer electronics brand, is a once in a lifetime opportunity. We look forward to bringing these new products to market, and welcoming a whole new generation of computer users to the Commodore experience."
Well, it's all a promise at this point, and I must say that I'm not particularly impressed by the rather, eh, unprofessional look of that website and the products listed. Clearly a case of seeing is believing.