Here's a peek inside a Meinberg Lantime M600 PTP/NTP server. It follows the same modular design as the Lantime M300 with the GPS receiver on the right and the computer-board to the left. The new thing is a Time Stamping Unit (TSU) in the middle.
The TSU (by Toradex) seems to be built in a memory-stick form factor (SODIMM?) around a Marvell 88ap270m chip (PXA270 processor?). Maybe it's a Toradex Colibri PXZ270?