Whoa. Welcome back, iPAQ. What you see here is the HP iPAQ K3 "Obsidian," which has made an appearance in Vietnam a couple of months after we first learned of its existence. VNExpress has it that this Windows Mobile 6.5 phone sports a 2.46-inch AMOLED touchscreen at 320x240 pixels, a Qualcomm 7200A processor @ 528MHz, 256MB RAM/512MB ROM, GPS, 3.2MB camera and WiFi b/g. So, things have been upgraded since we saw the early leaked specs.
As you can see, this one's branded for AT&T and, yes, there's a stylus. Assuming that the keyboard holds up, and it at least looks solid from here, this could well be a triumphant return for HP and the iPAQ line.
A couple more pictures after the break, and a whole bunch more at VNExpress. (And, er, apologies for Google's, um, translation.)
Via GSMArena and wmpoweruser