It's quad core cortex A7 @1.2 Ghz, that's not even in the same league as the 2 year old Galaxy Nexus (dual cortex A9 @ 1.2). This is in no way comparable to any modern flagship smartphone performance wise.
It's likely referring to a MEMS gyroscope used for optical image stabilisation. A MEMS camera doesn't exist, it was rumoured to be a MEMS motor was used as part of the focusing system.