The report also details a low-priced version of the Nokia Lumia 920 which is expected to be launched around the same September-October time period as the first phablet's release. According to someone who has seen this phone in person, it will be equipped with a 4.7 inch screen featuring resolution of 768 x 1280. The 8MP camera on back will have optics from Carl Zeiss, and include an F/1.9 aperture for great pictures under low-light conditions. The camera will not offer optical stabilization, however. The phone will have a similar design to the Nokia Lumia 720 with a thinner footprint, and will be lightweight. Under the hood will be the same dual-core 1.5GHz Qualcomm Snapdragon S4 Plus (MSM8960) CPU and the Adreno 225 GPU found in the Nokia Lumia 920. According to the report, this model will be Nokia's response to the low-priced Apple iPhone and will replace the Nokia Lumia 82x range.
Before you get too excited, keep in mind that this is all speculation at this point. In other words, keep that salt nearby.
Thanks Anonymous Tipster!