Taiwanese MiTAC offers Windows Mobile 5.0 Smart phones with full GPS navigation software known from the Mio Navigation PDAs.

The Mio A700 comes in stylish white and is only for the Asian market. The Mio A701 that was announced earlier is for Europe and has a slightly different form factor.
The Mio A700 and Mio 701 are cool all-in-one smart phones featuring a 2.7 inch TFT touchscreen, 520MHz (Intel Bulverde PXA-270) processor and 192 MB of memory, an integrated GPS device with SirfStar III chipset,a 1.3 megapixel camera and Bluetooth 1.2.
Missing things are Wi-Fi and it looks like those smart phones do not have a hard-drive like the Mio 269 GPS PDA.
More details on Mobinaute (French).