Cowon announces in Korea a new all-in-one portable device dubbed the Cowon L2.

The Cowon L2 features a 7 inch screen and combines media player, GPS and DMB TV functionality into one sleek device. Supported formats of the media player include MP4, MP3, WMA and WAV. The photo viewer of the Cowon L2 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 Cowon L2 goes on sale on June 5th in Korea for 299,000 WON (~$322). No word yet if Cowon (iAudio) will release the L2 outside of Korea.
More details on the Cowon site (Korean). Via AVing (Korean).

The Cowon L2 is not the first device that combines DMB TV, GPS and PMP functionality. Cowon achieved though a very compact and sleek design with the L2. The PIP functionality is also a nice goody.