The device is called the Lightning, and is an extremely thin portrait slider with some pretty amazing specs. Here's what this slick little devil is packing:

1 GHz Snapdragon processor
WVGA 4.1" OLED screen
AT&T and T-Mobile 3G
5 MP autofocus camera
1 GB flash with 512 MB RAM
8 GB microSD card
GPS, accelerometer, compass, FM radio, ambient light sensor
Flash and Silverlight support
DivX playback

The spec sheet makes no mention of a flash for the camera, but being as Microsoft requires all Windows Phone 7 devices to have one, we'll have to assume it's there. Engadget also mentions that the device will get an upgraded to LTE in Q4 2011. The release date for the Lightning is said to be sometime in Q4, which co-insides with the official Windows Phone 7 launch window. Check out the gallery below to see this piece of art.