There’s a new smart phone which has set the world abuzz with rumors, early reviews and all of the other things that come with the excitement of the internet.

The Palm Pre, which is slated to be released for Sprint later this year (with European GSM versions to follow), has been making waves in the mobile industry with it’s innovative Touch OS and also it’s sleek design.

Here are some of the highlights that we’ve been impressed with:

• Extremely fluid and easy to use OS. Very little lag on initial testings.
• Desktop organization and touch navigation is a joy to use.
• Small and easy to handle.
• The intuitive “Card System” makes for easy use of launching and closing apps.
• The Gesture Bar makes moving through the phone’s OS with one hand a breeze.
• Cut and paste functions, as well as MMS messaging (two features the iPhone 3G is lacking).

The SDK will be released to developers and the public and new apps will be presented in what is planned to be an iPhone type apps store where new programs can be downloaded. It is speculated that it will be much less restrictive the Apple’s current policy on software development.

In terms of lacking features there is currently no video recording option, but that will most likely get added shortly. Aside from minor disadvantages such as that, the amazing design and Web OS looks to make the Palm Pre a huge competitor against the iPhone.

Do you think the Palm Pre will be able to take a chunk out of the iPhone’s hold on the multimedia mobile market?

Check out this demo video and let us know what you think: