Motorola V501 is a good phone from Motorola. It is feature packed with all the latest specs including a 640x480 camera, a 170x220 65K TFT display, an external blue display, Quad band, 5 MB internal memory, WAP 2.0, GPRS, Java, MPEG4 and Bluetooth compliant, E-mail compliant, 32 channel polyphonic sound, Mp3 and midi player etc. I am using it for quite some time and I found it very user friendly.
On the other side I found it is a bit heavy (113gram). It does not have an FM receiver which almost all new phones come with. Also it takes a lot of time when connected with computer to initialize and download music etc. There is also a design problem at the hinge due to which there comes scratches at the external body near hinges. And unlike Nokia phones you cannot set the phone to vibrate continuously with ring sound (there is a feature in v501 in which the phone first vibrates for some time and then rings, but not simultaneously).
Hope you will find the review helpful..