NEC introduced a fold-type mobile phone that is only 11.9mm thin (folded!). The Motorola RAZR measures 23mm (folded).

The new NEC phone measures 47.9mm (width) X 101.5mm (height) X 11.9mm and weighs 96g. It has 1.9 inch (176�~220 dot) 65,000 color display in addition to a digital camera with 1.3MP.
The new ultra-thin NEC mobile phone (somehow NEC does not mention the model name) is currently available in Hong Kong. The next market for the new World's Smallest NEC mobile phone are Italy, Russia, Australia and China, among others. No word on United States yet.
More details in this NEC press-release (Thanks Larry R.).

In 2003 NEC announced a credit-card sized mobile phone for the Chinese market. NEC apparently knows since a while how to make tiny mobile phones. Did I say, I like small mobile phones?