Its official. Palm has launched Treo 500v as its new smartphone.

But Palm OS loyalists will again be surely frustrated by the absence of any new Palm-powered device or upgrades to the ageing Garnet version of the Palm OS.

In a press release, Palm Europe said “the Palm Treo 500v smartphone runs on a Windows® Mobile® 6 standard platform and has a full keyboard, large screen, video streaming capability and a comprehensive multi-messaging functionality covering Instant Messaging, SMS, email and phone and personal information management software in a new design(1). The compact form factor is available in two colours: glacier white and charcoal grey.”

Palm Europe also said that the Treo 500v be initially available to Vodafone customers in Germany, Ireland, Italy, Netherlands, Portugal, Spain, the UK and Vodacom customers in South Africa.

Here is the Palm Treo 500v’s specifications and functions:

• All-in-one smartphone with messaging, email and web
• Full keyboard for fast and easy typing
• Automatic delivery of Hotmail/MSN, Yahoo!, and Gmail, email as it arrives(1)
• Large, high-resolution screen
• Internet Explorer Mobile full-featured browser(1)
• Access to Google Maps and eBay(1)
• Vodafone live! for news, sports, and entertainment on the go(1)
• 3G/UMTS network
• Planner with address book, calendar, to-do lists, and more
• View Microsoft® Word, Excel®, PowerPoint®, and Adobe PDF files
• Windows Media® Player Mobile for music and videos
• 2.0 megapixel camera captures video too
• 150MB of memory, expandable with microSD expansion card(2)
• Windows Mobile® 6 Standard software
• Microsoft® Direct Push technology for delivery of Outlook® email(1)
• Bluetooth® wireless technology
• Device available in two colours: glacier white and charcoal grey

Photos courtesy of MobileBurn.com which noted the lack of a touch screen and competitive design.