If the iPhone morphed into a watch

(Credit: SMS Technology)

If anything can be said of the people at SMS Technology, it's that they don't waste any time. Only two months after the appearance of their "world's smallest phone"--a Dick Tracy-style watch communicator--the Australian company has already filed for a next-generation version that some say looks like an iPhone for the wrist.

Gadgetell reports that plans for the "M500," as it's called, have been filed with the FCC and that it includes "all your basic phone functions plus SMS texting, audio, video and Bluetooth." It also alsos feature a 1.5-inch color OLED touchscreen with a built-in stylus.

Judging by the photos, though, this won't the most petite device in the world. Although the product literature claims it barely weighs 2 ounces, it looks more like a slightly smaller version of the iPhone strapped to a wristband than our idea of a watch-phone. We do, however, know of at least one group who will be thrilled by the news: the writers for SNL.