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The Xperia S features a 4.3 inch HD display, 32GB of internal storage, 12 megapixel camera capable of 1080p HD video capture, a secondary 1.3 megapixel camera for HD video calls and is powered by a 1.5GHz dual core processor 1GB of RAM.
The update is being rolled out in stages and users will receive a notification when it is available for their devices. Keep in mind that it may take a couple of weeks before it reaches all the handsets around the world.
source - XperiaBlog