Since the release of the iPhone, it’s been raining touchscreen phones all of a sudden, and it looks like we won’t be seeing any slowdown anytime soon as LG is set to release the KP500. It’s their alternative to the more expensive touchscreen-enabled devices out in the market today though they have yet to disclose its exact amount. It features a 3-inch display, 3-megapixel camera, motion sensor and black, brown, gold and silver variants to choose from. If even has its own TouchFLO-like UI spruce things up a bit.

[unwired view via engadgetmobile]

Video after the break.

It actually looks like a re-designed LG Renoir, and though its full specs have yet to be known, LG might have found a way to carve its own niche in the whole touchscreen phone segment of the market. If you can’t beat them, then offer a low-cost alternative that doesn’t cut back too much on features and functionality. I guess we’ll know soon enough if it is indeed worth your money and attention as it goes on sale in Europe in a month’s time.