Here it is! Steve Jobs revealed the Motorola ROKR iTunes music phone just now. Cingular will carry the ROKR exclusively and already has it up for sale.

The Motorola ROKR (see photo) sells for $249.99 with a 2 year contract from Cingular. It can store up to 100 songs and it's music features are comparable to the Apple iPod shuffle. The songs are synced via USB. The Motorola ROKR has also a VGA camera with 4x zoom and flash.
This Motorola ROKR phone already surfaced back in July dubbed the E790. I hope this will not be the only one as this phone has pretty boring looks. The phone is also not necessarily small with 4.25 x 1.81 x .80 inch. The price of $249.99 is not a bargain either, especially considering the 2 year contract commitment. I mean how much more will   the Nokia N91 cost? I cannot imagine that it would be much more or maybe it is even less expensive. And the Nokia music phone has 4GB of storage. All in all I am not impressed by the first Motorola ROKR iTunes phone.
More details on the Cingular Motorola ROKR site.

Buy the ROKR E1 for $99.99 on Amazon.com.