The latest spec I saw gave it an CPU socket, onboard GFX, USB 2.0, F/W, Gigabit Ethernet AND Fast Ethernet (Just waiting for ADSL/Cable modem) and a PCI Slot and PCMCIA for booting off of. Not sure about modem and sound though. Needs surround sound in my opinion (as you don't have much upgrade potential in small cases)
However the on-board GFXs sounds a bit suspect. I liked the idea of having a horizontal AGP card. I'm not much of one for the upgrade ideal (better to buy a whole new motherboard the way thing develop so quickly (It's not as if your going to plug a PPC 970 on a 133Mhz bus is it!)) But the idea of being able to customize your GFX needs, especially now the card manufactures are beginning to produce fanless models.
Anyway, I'm excited about iTX too, as long as the GFX is atleast a Radeon Mobility 7500 or preferably better and surround sound is present, i'll turn one of these babies into a home entertainment centre. Small, quiet, DVD burner, Digital TV Tuner, nice big hard drive for all my MP3 and TV programs.
See I'm very excited!