We present the high-level microarchitecture of LPX: a low-power issue-execute processor prototype that is being designed by a joint industry-academia research team. LPX implements a very small subset of a RISC architecture, with a primary focus on a vector (SIMD) multimedia extension. The objective of this project is to validate some key new ideas in power-aware microarchitecture techniques, supported by recent advances in circuit design and clocking.