Samsung has a new smartphone out that’s fast, sleek-looking, and boasts an entirely new mobile OS developed by Samsung called “bada”.

The device, called Samsung Wave (S8500), features a 1GHz CPU, a 3.3-inch, 800×480 pixel AMOLED screen, a 5-megapixel camera, 2 or 8 GB of storage space (expandable via microSD memory cards) and a GPS. It supports Wi-Fi, Bluetooth 3.0 and 3G as well as MP3, WMV, DivX and XviD.

Initial reports are that the device is still somewhat buggy and prone to crashes. Hopefully Samsung will be able to iron out the bugs before the device hits the market. Haven’t we heard that name somewhere before??