slowest dual core processor, poor GPU, less ram (just 512MB), bad battery life, still stuck in GB (will get 4.0 as well as 4.1 update) and cost is 22-23k. Only good thing about it is the camera and direct support from CM team. S2 beats it easily in most of the points costing 2-3k more and Atrix2 too which cost 2k less. Though 16GB memory is extra bonus but again lack of microsd card is another -ve point. In short its price is high for what it delivers.
slowest dual core processor/poor GPU - In all benchmarks, the Xperia P scores similar to the Atrix 2/Sensation and in a lot of them including Nenamark, Browsermark and Sunspider it scores ahead of Atrix 2. So I don't really know if the "on paper slowest dual core CPU/poor GPU" point makes much sense
less ram (512mb) - XP has 1 GB RAM
bad battery life - I wouldn't call it bad, but yes Atrix 2 has much better battery life no doubt.
stuck in GB- ICS update coming in a week for P. Also it will get official Jellybean from Sony as well CM10. And more than likely will receive Androd 5.0 as well. The same cannot be said for Atrix 2/I9100G and even I9100 Exynos Jellybean update is unconfirmed at this point and Samsung is even considering releasing a Jellybean value pack for the I9100 S2.
Also it looks much better than Atrix 2, has a aluminum unibody design, a camera that Atrix 2 just can't match and a better screen coupled with average (but existing !) service support compared to Moto's almost non existent service support.