We're pretty sure this Voxtel W740 Windows Mobile phone is the first to breach the 4-megapixel count. Pretty high quality camera for a candybar-shaped phone of any OS. Definitely pants-tent material.
The W740 has a 2.4-inch touch-screen, Bluetooth, and Motorola RAZR-like keys, but the bad news is that the phone doesn't have a keyboard. All that WM5 Pocket PC goodness is lost whenever you have to do any data entry. Also, there's not very much chance this is going to hit the US under any carrier.
If you're looking for what we think is the greatest WM5 phone so far, check out the Cingular 8525.