Is this the Palm Treo Hollywood?

Lately, much of the Treo buzz has been around the upcoming 700p, but as you may recall, Palm CEO Ed Colligan promised three new smart phones this year, one of which is the Hollywood, a slimmed-down version of the Treo. Well, it seems Treonauts saw the device out in the wild and snapped some blurry pictures of it. If all the speculations are right, the device will run Windows Mobile 5 and feature a 300MHz processor, 128MB of flash memory, 64MB of RAM, a 240x240-pixel screen, and a 1.3-megapixel camera. It's also rumored that the GSM/UMTS phone will launch on Cingular's network.

While we wait for the official announcements from Palm, tell me: Which new Treo are you more excited about? The Treo 700p or the Hollywood? TalkBack to me below.

Update: Right on the heels of the Treonaut news, Brighthand has confirmed from "very reliable sources" that the Hollywood Treo does not exist, stating, "According to this information, Palm does not have any current or future device codenamed Hollywood. Moreover, the original report of a slim Treo designed for Europe is false, and the company has no such model on the table." If this is true, what exactly does Palm have up its sleeve for its two other smart phones?