It's all rumor and speculation, but a picture paints a thousand internet links. This alleged HTC Touch HD is a fullscreen touch device with WVGA (800X480) resolution—essentially taking, say, the Touch Diamond's razor-sharp screen and making it longer. As another metric, if you think the iPhone looks nice, realize that screen runs in 480x320.
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Other specs include 528MHz processor, 256MB RAM, 512MB, HSDPA, GPS and just 12mm of thickness. It's supposed to be "in stores for Santa." [Modaco Thanks everyone!]
DISCUSSION
It's those non-subsidized prices that kill it for most. I spent as much as a grand for some of HTC's older incarnations, so having to pay half and dealing with the limitations that the iPhone had/has is worth it. Drop the high-price act and you'll find people will switch back faster than you can keep up production...