Exhibit 4G II Is T-Mobile’s First No-Contract 4G Android Phone, Launches Oct. 27th For $200

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I’m no proponent of cheap phones (after a few years of monthly dues, that money you save up front is a drop in the bucket) — but if you insist, T-Mobile’s got a new one for you. They’ve just announced the Exhibit 4G II, a mid-range Android handset that’ll set you back just $30 with contract — or, if you’re looking to steer clear of commitments, a still rather-wallet-friendly $200.

While no powerhouse, the specs don’t fall too short for the price. Hell — a year ago, these would’ve been edging toward top tier. The Exhibit 4G II has a 3.7″ display (800×480), with a 1Ghz Snapdragon CPU tucked inside. It’s got a 3 megapixel camera on the back, and a camera of unspecified resolution (presumably VGA) around front. It’s all powered by Android 2.3 (Gingerbread) for now, with no word on whether or not they’ll ever bump it up to the just announced Android 4.0 (Ice Cream Sandwich).

The Exhibit 4G II will hit the shelves on November 2nd, though Walmart has a few days of exclusivity beginning on October 27th.