French mobile phone maker Sagem partnered with Porsche Design to create the stylish high-end P'9521 clamshell handset.

The Porsche phone features a finger print sensor, 3.2MP camera, swivel screen and GSM and EDGE connectivity.
Apparently in Spring 2008 Sagem will release a 3G version of the Porsche phone.
Sagem will bring the Porsche phone on the market this autumn for 1,200 Euro (~$1,600). There are no detailed specifications yet available.
See several hi-res photos of the Porsche P'9521 on German Xonio.

Expensive designer phones are definitely an ongoing trend in the mobile phone market. Vertu has pioneered it and their newest phone lines are more like expensive Swiss watches. I have always some issues with expensive designer electronics as they tend to be not cutting edge in terms of the technology and feature-set. If they are, then you only have about 6 month and it is outdated.
In the case of the Porsche Phone, you could buy 3 8GB Apple iPhones instead. I actually would rather do that than buying the Porsche phone.