Lumia 530? Hmm, let me see...
* Dual-core for sure (630 is quad-core), maybe a Snapdragon 400 with Adreno 305;
* Probably 512MB of RAM (630 is 512 too =( )
* ClearBlack? Maybe, maybe...
* Gorilla Glass? No way, it's a budget phone (630 has it! Don't understand Nokia, SERIOUSLY!)
* Screen size about 4.3'', resolution same as 630 (854x480)
* On sreen buttons, no camera dedicated button
* Maybe a frontal camera, but very low-res
* I'm almost sure it will have no flash, but who knows...
* Audio Equalizator must be there, FM Radio and Glance Screen too
* 8MB of internal memory, SD expansion, replaceable cover and battery as praxis
Oh yeah, to be a honest device in this tier of price, some compromises must be made.
The smarphone the people here are waiting is the probably 720's successor. I think this one will have the 5MP front facing camera and all the bells and whistles you guys want.