I find it odd that they would put a 1200mhz processor in a low end phone, and then underclock it by 30%. This can be done, but usually by the time you hit the low end of a processors scale, there is another, cheaper model you could use.
Best info I could find is that it's similar to the Optimus Slider (which I expected)
Slider - 800MHz Qualcomm MSM7627T
Elite - 800 MHz Qualcomm MSM7627A
It's a 32bit Snapdragon S1 Cortex-A5 ARM7-a, and the available clock speeds are 600-1000mhz. It's the same as the new Optimus M+, HTC Desire, Nokia Lumia 610C and the Huawei Ascend.
According to a thread i read over at Elite forums, the processor is in fact the same as a Triumph, its a Snapdragon S2 clocked at 1 GHz, Quadrant reports it as MSM7x30 (which was used in HTC G2 and identical to MSM8655) but instead of running at 800 MHz (as in the G2), it is actually running at 1 GHz, so it is much better than the optimus slider.
I would run out and get one right now and get one but the screen res is too low and its missing ICS, I'm just going to wait for the One V (which will have the processor as this phone).
Side-note: wonder why LG didn't enable 720p recording, the phone is capable to do it.