PDAStreet has posted some information and a few photos of the rumored Palm Nitro device. According to previous Palm statements a lower cost Treo would be released in the future and all the evidence leads to this Nitro device as being that low cost alternative. The Treo Nitro specs are rumored to include Palm OS 5.4x, 64MB RAM, SD slot, VGA camera (like the Treo 650), and 1200 mAh battery.
The Nitro was on a leaked Cingular roadmap slide a couple months ago along with a Windows Mobile "Lennon" model that may be the one headed for Vodafone and running on the GSM/UMTS network. We'll have to wait and see when the device is officially announced, but it looks like it is safe to say we will see new Palm Treo models in time for the holidays.