Samsung I5700 Galaxy Spica, or Galaxy Lite, if you prefer, is official as it gets. Not only is the I5700 the fastest gun in the Android crowd with its 800MHz CPU, but it’s also cheaper than the original Samsung Galaxy.

But let’s start from the basics – the Samsung I5700 Galaxy Spica has been sitting in our rumor mill section for a while now and it seemed to be the baby brother of I7500 Galaxy, which we reviewed just recently. The “Galaxy Lite” certainly seemed to suggest it.

The CPU is interesting because the original Galaxy ran the 528MHz Qualcomm MSM7200A processor. But with 800MHz the Spica beats even the Acer Liquid, which until now held the crown for speediest CPU in the Android world – a 768MHz Snapdragon. Liquid still has a lead in RAM – 256MB – versus the 128 of both Galaxy phones.

The rest of the features are very close to those of I7500 Galaxy, save for the lack of internal memory and the camera. Galaxy Spica comes with a 3.2MP camera and support for microSD cards up to 32GB instead. The display is the same size at 3.2″ (though the press release is mum about whether it’s AMOLED and capacitive or not) as is the battery of 1,500mAh. The I5700 is a “Google experience” phone, so it’s connected to Google’s services.

The Samsung I5700 Galaxy Spica will be available in Russia in November for 1,4000 rubles (320 euro or 480 dollars). There’s no word on availability in other locations but it shouldn’t be long now.