LG is not exactly known for making breakthrough products, other than look-alikes of whatever breakthrough product Samsung might make. I get a feeling that someone from Samsung always leaks designs of products to the people at LG.
This time we have a leak of an upcoming LG phone (E720) that looks very much like the recently launched Galaxy S, except it's a little smaller. It has a 3.2" screen, Qualcomm MSM7227, GPS, Wi-fi, and 5 MP camera. It will have Android 2.2 but a new UI that hasn't been shown before.
Getting Android 2.2 is great but why do they have to waste money on creating a new skin? They could simply be the sole provider of stock Android on high end phones. I'm sure this will help them and their sales much more than by creating their own skin. Oh well. Here are some more pics and a video of it: