Cowon announced the L2 in June.
The Cowon L2 features a 7 inch screen and combines media player, GPS and DMB TV functionality into one sleek device. Formats supported by the media player include MP4, MP3, WMA and WAV. The Cowon L2's photo viewer supports BMP, JPG and PNG. The L2 has 2GB internal memory that can be expanded via a SD card slot. The GPS functionality is provided by a SiRF III chipset. The L2 supports PIP, so you can see the navigation map and watch videos at the same time.
The new L2 can also find a new route around traffic jams in areas where the Korean TPEG traffic information is available.
The COWON L2 2GB TPEG sells for 348,000 Won (~$380). Via the Cowon site.