Both phones come with a 4.5-inch FWVGA screen, 1GB RAM, 8GB built-in storage, 3G connectivity, WiFi, and Bluetooth 4.0. The main differences are that the M330 has a slightly higher spec processor, LTE and better front camera.
Acer Liquid M330 specifications: (said to be launching in late October at 129 Euros):
• Processor: Qualcomm Snapdragon 210 (MS 8909)
• Display: 4.5-inch FWVGA wide view angle screen
• Size: 136 x 66.5 x 9.6 mm
• 1GB RAM
• 8GB internal storage
• 2MP front facing camera
• 5MP rear camera
• Connectivity: 3G, Bluetooth 4.0 EDR, WiFi 802.11 b/g/n
Acer Liquid M320 specifications:
• Processor: Qualcomm MSM 8209 processor
• Display: 4.5-inch FWVGA wide view angle screen
• Size: 136 x 66.5 x 9.6 mm
• 1GB RAM
• 8GB internal storage
• 2MP front facing camera
• 5MP rear camera
• Connectivity: Cat4 LTE, Bluetooth 4.0 EDR, WiFi 802.11 b/g/n
Good to have more manufacturers confirmed in the Windows 10 ecosystem, anyway! Here's the photo of the Android version, so imagine this with Windows 10 Mobile, etc: