This is Nokia's latest budget Lumia, the 510. Slotting in between the Lumia 610 and the Asha feature phone range, it's certainly budget-friendly -- but that's not always a good thing.
Packing a 480x800 4-inch screen, an 800MHz Qualcomm processor, 256MB RAM, 4GB of non-expandable storage and a single 5MP camera (no front-facing shooter, sorry), specs are certainly thin on the ground. Perhaps worse is that it will ship with WinPho Mango, later to be upgraded to Windows Phone 7.8. There is no Windows Phone 8 in this phone's future.
As a result, it'll only cost around $US200 all-in and will initially go on sale in India, China, South America and Asia. But, in honesty, it might pay to save up a little longer. [Engadget]