Both devices run on Android 2.2, and will be upgradeable to Gingerbread 2.3 or higher in the future. Each device has a 3.2MP rear-side camera and a VGA camera on the front.
Galaxy Players come built-in with Skype and Qik for video conferencing.
Furthermore, the players have Flash 10.1, working GPS that can be used offline with Google Maps 5, and DLNA media sharing.
Each of the devices ships with 8GB storage in an effort to keep down costs, but MicroSDHC slots means you can add up to 32GB more. Because of Android, the devices don't require a syncing app like iTunes, and the devices supports AAC, MP3, MPEG-4, H.264, WMV, DivX, FLAC, Ogg Vorbis, and XviD.
No word yet on pricing or an exact release date.
(Pic via Electronista)