The Nokia Lumia 505 will be available in pink, black or red. This is obviously not a high-end device or even a mid-range model. But for those needing a phone to make and take calls, to take pictures (remember, there is an 8MP camera on back), and to play a few games, the Nokia Lumia 505 can handle the job. The phone comes out of the box with Windows Phone 7.8 which means it has resizable Live Tiles, the Bing daily Lock Screen image and more.
source: Nokia (translated) via WPCentral