The L3 features a 3MP camera, 800 MHz processor, 384MB of RAM, and 1 GB of internal memory all running on a 1500 mAh battery. The OS will be Android 2.3 Gingerbread, and we doubt it will be getting an ICS update.
The dual-SIM variant of the L3 is virtually identical to its single-SIM predecessor, with the only exception being the hardware home button is replaced by four capacitive keys instead. In addition to the three standard Android ones, the fourth one toggles the active SIM.
The LG Optimus L3 Dual is expected to rival Samsung's budget Android forays into the dual-SIM market, namely the Galaxy Y Duos and Galaxy Ace Duos.