The Galaxy Victory will have a 4-inch display. That's decidedly smaller than the Galaxy S3 with its 4.8-inch display. No word yet on the technology behind the display.
It'll be running Android 4.0, with TouchWiz atop it. No surprise there, and we'd expect it to be announced (and eventually launch) with one of the updated versions of Ice Cream Sandwich. As for a possible upgrade to Android 4.1 Jelly Bean before launch? We wouldn't bet the farm on it. But then again it's not like we have any dates for the phone in the first place.
The Galaxy Victory will have NFC on board. the Android Beam feature inherent to Ice Cream Sandwich will be there as well, as will Samsung's own S Beam, which uses NFC to initiate a Wifi-direct connection to another S Beam-enabled device, like the Galaxy S3.
It'll have Google Wallet at its disposal,and it appears to have four capacitive buttons below the display.