The Nokia Lumia 505 has 4GB of native storage and the 1300mAh battery keeps the lights on. The phone will be available in three colors, pink, black or red. The model will come out of the box with Windows Phone 7.8 pre-installed even though it has only 256MB of RAM on board. Last year, a video showed the similarly spec'd Nokia Lumia 510 running the updated OS.
source: YouTube via WPCentral