I picked up the new "LG Chocolate in Black"about a week ago after a few weeks of debating over it or the iPhone. I know, I know, it's like comparing apples to oranges; but I wasn't comparing them per say, I was debating on whether to make the leap to the iPhone. Well, long story short, I just felt the iPhone wasn't worth the risk and the price, at least yet; I suspect it will be within a year or so though. So far, the $49 I spent on the new Chocolate (retails for $79 w/a 2-yr. contract) seems to be money well spent.
Basically, LG redesigned the touch pad and navigation wheel on this latest version of the Chocolate and made it smaller and lighter. Everything else is pretty much the same. It sports a 1.3MP camera that takes decent pix and short vids, but it lacks a flash. It has a microSD memory card slot and should you decide to buy one of these phones, I'd recommend using it.