After a two-year contract and a $50 mail-in rebate, you can get the latest Android-powered smartphone, Comet, for 10 smackaroos. The Comet is a T-Mobile (News - Alert) phone, and the cheapest out of the relatively inexpensive Android phones that already exist.

But you don’t necessarily have to sign a two-year contract to get the Comet because it’s available in pre-paid form for $200. Word on the street is that Costco is selling it for $150! This price beats the traditional no-contract price for any other Android (News - Alert) phone by a landslide.

The Comet, available today, measures 4.1 by 2.2 by 0.5 inches and weighs just 3.6 ounces. That makes the Comet one of the lightest Android phones on the U.S. market. It does not bear the most up-to-date features (it has just 528MHz), but it has a 3.2 megapixel camera, and will act as a portable Wi-Fi hotspot, according to recent announcements.

With microSD memory expansion, an FM radio, and assisted-GPS support, the Comet also comes with the latest version of Android 2.2: Froyo.

Froyo is the latest mobile platform from Google (News - Alert) for Android. Most of the latest Android phones will bear this operating system. It comes with a homescreen widget, and it’s capable of enabling the device to support USB tethering. Not to mention, it’s incredibly fast.

Manufactured by Huawei (News - Alert), the Comet is sure to top the holiday smartphone purchase charts.

Juliana Kenny graduated from the University of Connecticut with a double degree in English and French. After managing a small company for two years, she joined TMC (News - Alert) as a Web Editor for TMCnet. Juliana currently focuses on the call center and CRM industries, but she also writes about cloud telephony and network gear including softswitches.

Edited by Juliana Kenny