IPoding has already dismantled an iPod Photo to see what's inside. Unsurprisingly, it's much like other click-wheel iPods. A full inventory of chips and other bits will follow, iPoding promises.
Also, the newly-purchased iPod wasn't as virgin as might be expected:
"We purchased the S500 at the Apple Store Palo Alto on the way back from the mini at SSC. When we got it back to the HQ we noticed that it had already been opened and used. There was a big greasy fingerprint on the display. Nice. It's going back."