However, it's not quite the Nano we were all looking for. Instead, it's a china knockoff which is called the HiPhone Nano. The new phone is a cheap flip phone with a iPhone/iPod design on the front. It's a Tri-band Phone works with T-mobile in the US; the HiPhone Nano works on the World-Wide GSM network. It also features a touchscreen, microSD slot, 1.3MP camera, SMS/MMS support, and a few other features such as video and sound recorder and of course Bluetooth.
Oh well, we are still waiting for the new version of the iPhone which is to include automated volume controls, live video conferencing, and other cool features.
More info on the china knockoff can be found here.