I have been trying to decipher all the rumors about the HTC Galaxy. This looks to be the replacement (or up graded model at least) for the HTC Magician which is currently being sold as the iMate Jam, T-Mobile Compact, or O2 XDA Mini.
The Magician, from all reports, is a great device but is lacking wi-fi and possibly a bit of power.
HTC plans to fix that and then some with this new small screened wonder. Rumors seem to point to the following specs:
Windows Mobile 5.0
Quad-band GSM/GPRS with EDGE support
Texas Instruments OMAP 850 processor
64MB RAM
128MB ROM
2.8" QVGA display
Bluetooth
802.11b Wi-Fi
2.1 megapixel camera with flash LED
A QWERTY slider-keyboard which slides out in landscape mode.
Overall it looks like a VERY nice little device.