We here don't usually post rumours, and I would classify announced products as something that may or may not materialise in the wild. But it's hard not to talk about a rumour when you can see some pictures.
So, before HP moves into action and request the images to be taken down from their site (as did HTC before), have a look at msmobiles.com to see this new HP iPAQ rw6828, which looks like the O2 Xda Atom, with some minor modifications.
Rumours apart that would be an interesting move from HP: creating a popular, consumer oriented Windows Mobile Pocket PC Phone Edition.
We have seen HP working in the consumer space before, for example the Pocket PC series that they never called Pocket PC but "Media Companion" instead. That was before the launch of the iPaq Mobile Messenger series, which are serious business tools, albeit a bit slow, if accounting for the experience with the only one I had the chance to try (never heard from HP since them, is that because I wrote it was slow?)