This one has been recently launched in some markets. The LG GB270 doesn't look like an LG phone, more like a Sony Ericsson knock-off. Furthermore, the two models you see on the picture are actually one and the same handset. The GB270, a member of LG's Dynamite series, has interchangeable covers that change both the color of the phone and its physical traits, including keypad and d-pad styles, the shape of the bezel, and even add an external lanyard in the upper corner.
Features suck however: triband GPRS radio, VGA camera, Bluetooth 2.1, and microSD support (2GB) - nothing of particular interest.