It’s a rumor at this point, but the pictures make it look pretty real. Whether or not HP intends to release this smartphone is another issue. The HP iPAQ hw4500 isn’t terribly inspiring though, it looks like it might be a re-branded HTC Tornado. The person who saw the hw4500 said it was branded T-Mobile on the back, so that at least points to a GSM model, but no release date or further information is known at this time.
More images here.