Sony Ericsson announces a new model in its Walkman mobile phone line - Sony Ericsson W550.

The new Sony Ericsson W550 features stereo sound, a 1.3 megapixel camera with 4x digital zoom, 1.8 inch TFT screen, USB, Internet browsing capability and games console, all in a swivel phone design.
The Walkman phone W550 also just has 256MB storage for music.
The W550 is a Tri-band / GPRS phone and will be available during early Q4 in two different as W550i - Triple Band GPRS 900/1800/1900MHz version for European, African, Middle East, Asia Pacific and Hong Kong markets and as W550c - Triple Band GPRS 900/1800/1900MHz version for mainland China - Read the W550 is not for the US.
More details in Sony Ericsson press-release. The first Sony Walkman phone was the Sony Ericsson W600 that was announced in June.