HTC's laying its cards down with a phone called "Smart" for Europe and Asia, which runs on Qualcomm's BREW platform. As BREW is cheap for the manufacturer, I'm willing to bet the Smart will be cheap for the consumer too.
Running on BREW, it's actually been painted with HTC's Sense interface which as you know, was last seen on the HD2. Processor speed is just 300MHz - pretty slow - and RAM is a fairly average 256MB. Internal memory is 256MB, but that's expandable by microSD. The touchscreen QVGA is 2.8-inches, and connectivity is HSDPA internet, and Bluetooth, with no GPS or Wi-Fi mentioned. The camera is 3.0-megapixel with flash. So yes, it's a budgetphone, but at least it'll be cheap, right? [HTC]