It would be amazing if LG could make an iPhone competitor, an Android device and a Prada III that's one single device, but somehow I don't think that's what LG's president means.
In an interview for a Korean news agency, Ahn Seung-kwon says (besides the details above) that LG will make another luxury phone (unrelated to the Prada) that will be similar to Nokia's crazy overpriced Vertu. He also said that they aim to be the number two cellphone maker in the world by 2012. The current #2? Samsung. So it's like Predator vs. Aliens, except instead of Predator and Aliens, you have a bunch of Koreans. [Unwired View via Boy Genius]