Yeah, i had the exact same response when i saw the phone, eww.... I hope that this isn't one of the new phones coming to the US. The rumored superphone, on the other hand, looks amazing and i can't wait for it become available.
They don't say what kind of processor is under the hood... also, after using a Fascinate and an X with 4" and 4.3" displays, it would be hard to go to anything less than a 4" display.
The retina display is nothing fantastic...I honestly can't tell much of a difference when looking at them side to side...plus going back to anything smaller than 3.7"'s would dick...get that display up to for inches and count me in