iPhone rival from LG

In the catwalk-crazed nooks of society, the fashionistas who gleefully fork over nearly $3,000 for a PRADA bag, can now have a new, matching accessory -- a PRADA phone. South Korea's LG Electronics has teamed up with Italy's high-end apparel and accessories manufacturer to produce an equally high-end phone.

The companies are touting the PRADA Phone by LG as a real breakthrough in the industry, describing it as the first completely touch-screen mobile phone, apparently sidestepping the fact that Apple introduced its own touch-screen iPhone just last week.

Indeed, there are numerous similarities. The PRADA Phone by LG plays music and videos on a wide, LCD screen. It has a 2-megapixel camera, eight megabytes of internal memory, and yes, it looks a lot like Apple's iPhone. The slick, button-free, touch-screen interface is particularly similar.