The Touch Cruise is looking to be the new king of the GSM hill - Quad-band GSM/EDGE/UMTS/HSDPA, WiFi, GPS, FM Radio, HTC's TouchFLO interface, and a decent amount of processor power and memory all wrapped up in a pretty slim form factor. That's 'slim' as in “no physical keyboard” slim, 15.5mm, just about 1.5 mm thicker than the original HTC Touch.
Actually, comparison-wise, the Touch Cruise pretty much beats up the original Touch in every conceivable category except size. The little guy even is going to come pre-loaded with TomTom GPS software (with maps for Europe, though). That “European map” bit is your clue that HTC is going to start selling it SIM-free in Europe and we don't have any US carrier info yet. We called up AT&T and they said something about front-facing cameras giving them an inferiority complex about their network and would we please stop bringing it up.