I've looked into the 3DS specs quite a bit and the truth is that almost nothing is known about the system. We know it has 128MB of RAM capable of speeds around DDR3 memory, which for those that don't know, is very fast. The only other thing we know about the 3DS is the GPU family it's GPU comes from. Everything else is speculation. The whole ARM11 thing itself is even speculation and hasn't been proven at all.
A lot of people are underestimating the 3DS's power, and largely due to bogus specs that people spread around like a bad religion. Speculation is not fact. With that in mind, I've made some observations of my own concerning statements given at various times by various developers and such and what I've seen of the games themselves. I don't remember where each source is so I'm not going to bother posting them. If you want to find them comb the 3DS stories from the past year and a half to find them.
Resident Evil Revelations is a fantastic looking game, arguably the best on the system currently. But that game isn't even close to using all the 3DS's power. Capcom themselves stated they were only using 80% of the system's capability, developers always overestimate how much they are taxing the system to make their game sound like a better achievement than it actually is. Another thing to note is that the original 3DS dev-kits weren't as powerful as the final 3DS system that we all have now. This is part of why almost every game released so far doesn't look as good as GCN/Wii games do.
There's a lot more evidence I've found, but the general image I've developed is the the 3DS is in fact more powerful than the Wii, not just in lighting/shaders like everybody thinks but in absolute raw power as well. It might be hard to see the jump in what I've posted, this is just the short version of my findings. I don't have any numbers to back it up, but educated guessing leads me to believe the 3DS is significantly more powerful than people give it credit for.
One last comparison for where I believe the 3DS lies in terms of power. The PSVita is said to be using a Tegra 3 SoC or something very close to it. My speculation leads me to believe the 3DS is slightly better than a Tegra 2 SoC in terms of power. Basically, the 3DS is much closer to the Vita than people think. Close enough that you could potentially see Multi-platform games between the two like you see with 360 and PS3.
This is my own speculation, but it's based on educated guesses about various findings and observations. I believe that to be a much more reliable source than any of the other so called "3DS Specs" floating around on the internet. You have every right now to believe me and I encourage you not to take my word as fact. Just keep in mind that everything is speculation right now.