The Nabaztag is made up of:
5 coloured lights (3 across the stomach, one behind the nose, and one lighting-up the toes), all of which are made of colour-mixing 8-bit red/green/blue LEDs
2 motors, one for each ear
a position sensor on each motor
a button on the top of its head
a 3-position switch next to the power lead
a speaker and sound-chip which can play either MIDI files or a type of ADPCM (like a WAV file)
For photos of the insides, check out http://www.flickr.com/photos/natatwo/sets/72057594071598078/