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I think under the new CEO, HP has moved out of the "innovation" limelight and into more of a "follow the pack" light.
3G is growing, but by 2007 it will be much more pervasive than it is now, and probably makes for a good entry point into the market. They could, however, get a nice first mover advantage if they released a killer smartphone in 2006 with 3G, but I think HP's priorities have shifted due to growing shareholder pressure and they will likely play it safe and wait for 2007 to release a run of the mill 6xxx smartphone with EV-DO support.
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