Nokia's event at the Mobile World Congress in Barcelona is now over and the highlight is the announcement of the Lumia 720 and 520. Both devices pack a dual-core 1 GHz Snapdragon processor (Krait to be precise), run on Windows Phone 8 and share Nokia's many software advancements like Drive, Maps, software lenses, etc.
Nokia Lumia 720

The Lumia 720 sports a 4.3" ClearBlack display of WVGA (800 x 480) resolution with super sensitive touch, which works with gloves, nails, etc. The dual-core processor is coupled with 512 MB of RAM. There's NFC, the battery capacity is 2000 mAh, the phone is 9 mm thick and weighs 128g.

There are 8 gigs on on-board storage and there's a microSD card slot with up to 64GB support. Wireless charging is enabled too.

The camera on the back is a 6.7MP unit with a bright f/1.9 aperture and Carl Zeiss optics.

The device will launch in Asia (TD-SCDMA version for China) and in select European countries this quarter for a price of €249 (around $330). Since it lacks LTE, is will most likely skip the US market.
Nokia Lumia 520

The Lumia 520 is the lesser of the two smartphones. It also packs a dual-core 1 GHz processor and 512 MB of RAM but the display is a 4" WVGA IPS LCD with super sensitive touch. The camera on the back is 5 MP, which does 720p video capture.