It's not based on any ARM Cortex architecture whatsoever. Qualcomm licensed the ARM V7 instruction set and designed a custom architecture for it. It is similar to how AMD licenses x86 instruction set to design their processors without using any Intel x86 architecture.
At least they're not reaming you for the extra capacity as badly as Apple does, but the lack of user-expandable memory is a deal-breaker. I can buy a Class 10 32gb memory card for 30 bucks right now -- who in their right mind would get a brand new phone with only 8 gigs of memory???
Lucky number four. Long awaited, incessantly discussed and sold out even quicker - Google's latest top model raises the battle cry against the high-performance competition with an unrivaled good price of EUR 349 for the 16 GB version and EUR 299 for the 8 GB version.