We guessed it would come with a cute nickname and boy we were right. The entry-level LG KP500 has been given the codename LG Cookie. Yes, that’s right, you may now refer to this “Renoir-lite” phone as the LG Cookie. Silly name aside, the Cookie packs a lot of features into what promises to be an affordable handset. Just a quick review of the specs reminds us that the Cookie will have Quad-band GSM, GRPS/EDGE, 3″ touchscreen display, 3MP camera, accelerometer, BT 2.1 and an FM radio. The LG Cookie will also run the latest version of LG’s touchscreen Flash-based UI. A new and somewhat disappointing revelation is that video recording and playback on the Cookie will not be as robust as we had hoped. The Cookie will recorded video at 12 fps and only at QVGA resolution. Pretty pathetic for a 3MP camera. Additionally, the Cookie will not support DivX or XviD. You will have to be content with MPEG4 video at 240×400 and 24 fps. Also lame. If you can do without high quality multimedia, the LG Cookie does have one very big redeeming quality and that is its price point. According to the latest information, the Cookie is priced even lower than expected with an estimated price of only €170 ($228 US) and that is before subsidies. So my friends, it looks like the Cookie will indeed hit that sweet sub-$100 contract price when it officially launches later this month. Nice!