387 grams?
A pound in my pocket?
H3!! no.

Looks like an 80s cellphone, but a bit less high tech!

I think the picture Engadget has is an early prototype or proof of concept because if you go to the site http://www.miubit.com/ it looks a lot better.

If it is just fixed at $500, why would you need a contract? I would think it would be fine with a pay-as-you-go (if you wanted to use it).

I think it would be too big to carry round (and you would need a bag to put it in so you didn't scare small children with it!)

Well the iPhone is also $500 and you still have to pay for a contract...

Miu HDPC:
163 mm = 6.42 in
67 mm = 2.64 in
24.5 mm = 0.965 in
387 g = 0.853 lb = 13.7 oz

N800:
144 mm = 5.67 in
75 mm = 2.95 in
18 mm = 0.71 in
206 g = 0.454 lb = 7.3 oz

So it's 0.31" narrower, 0.75" longer, 0.25" thicker, and weighs almost 2x as much. It'd fit my pockets just fine. (Why all these pocket comments? I really do not understand what sort of pockets people have that they claim can't fit this, the N800, or similar sized devices...)

I really like this. Note that it has (on the right) a 4-way d-nub, surrounded by buttons. On the left, it's got big fat up/down buttons, with small left/right ones as well. (Probably targeted at scrolling/paging.) Gaming ahoy!

The only really annoying bit is the need to unfold it to use the main display. I'm no clamshell hater, but I've been spoiled by the N800. This would be greatly alleviated if the outside screen is accessible as a normal display, so you could run apps (with reduced resolution) from the phone position.
But even without that, this looks like a serious Pandora competitor to me.

Oh, and anyone notice that weight and "7-hour" life is with the standard 4-cell battery. And they speak of a 6-cell battery available, for about "10 hours" by my extrapolation (which I suspect comes out closer to 8 hours in real life).

That's true, but those are all computer renderings. Looking at them carefully, I'm fairly convinced that they're a gross simplification of reality; just look at how the top is completely smooth, even in areas that you wouldn't expect it to be. However, if the final device looks as good as the renderings, then I agree that it doesn't look too bad (although IMHO the green color they chose sucks).

The phone keypad on the computer renderings sucks, though. Nokia tried something similar (rotary style numbers), and most people hated it.

Looks pretty much the same to me -- in fact, if their illustration is in scale (I can't tell if there's text there that says it's not, because I don't read that language), then the device is even bulkier than we originally thought (because scale in the photos would indicate that it has approximately the same mass as the Earth).

Whoops, missed out the link in the original post - and a couple of the pics show it in tablet mode.

While I agree, I also think the advantage to this is that the screen won't be scratched if you keep it in your pocket without a case. I always have my N810 in its case when it's in my pocket (and 99% of the time I'm not using it too) since I don't want the screen getting smudged and scratched.