Designed by HTC, EVO runs Google’s (GOOG) Android 2.1 operating system and boasts some killer features: A 4.3-inch touchscreen display, a 1GHz Qualcomm (QCOM) Snapdragon processor, an eight-megapixel camera on the back, a 1.3-megapixel camera on the front (presumably for video chat), support for HD video capture, an FM radio and, of course, 3G/4G capability, which should theoretically support download speeds of more than 10 Mbps, assuming access to WiMax.

A superb feature set–on paper, anyway. Certainly, Sprint’s (S) leadership is convinced they’ve got a game-changer in the EVO: “This is going to be an iconic handset without question,” Sprint’s David Owens told Reuters.

And those who have gotten some early hands-on time with the device seem to agree. Engadget calls it “breathtaking.” Gizmodo was equally impressed: “[the] Evo 4G is the best Android phone out there. It may even be the best phone, period.”

Of course, these are simply first impressions. And it’s important to remember that while EVO specs out quite nicely, one of its biggest selling points, 4G support, involves a network that isn’t yet widely available.

In any event, the EVO seems to be a nice piece of hardware, one that’s likely to raise the table stakes in the mobile market. The smartphone goes on sale sometime this summer for an as yet undisclosed price.

According to iSuppli, the cost of materials for the 16 GB version of the iPhone is $172.46, plus another $6.50 in manufacturing costs, for a total production cost of $178.96. The firm notes that this is comparable to its estimate last year that the 8 GB iPhone 3G had a production cost of $174.33. (Note that both models are priced at $199.)

As you likely know already, the key hardware differentiators in the new model are video capture, an upgrade in the camera to 3 MP from 2 MP, and a built in digital compass.

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