HP just announced their latest iPAQ series for the Asian market, the HP rw6800 Multimedia Messenger, running Windows Mobile 5.0.
The rw6800 series iPAQs are all tri-band GSM, will do GPRS/EDGE, have Bluetooth 1.2 and infrared, a MiniSD slot and dual stereo speakers, as well a built-in FM radio tuner; the rw6828 model will also have WiFi. Prices for the series are still TBA, probably closer to the release date in Q2 2006.
Will European and North American announcements be next? We haven't heard anything yet, but they seem likely—but HP has said that the pen-based PDA market is basically over ("[It's] shrinking at a rate of 30 percent year-on-year.") and so they probably will be focusing on smartphones like the rw800 series from now.