I'd much rather hack it to make it Wi-Fi only and cheaper :-).
The real problem is that the price isn't actually $500, it is a lot more. If you go to the AT&T web site and add the Camera to your shopping cart to see what happens, you find you can't buy it without also buying a 2 year data plan. Apparently Wi-Fi only isn't an option (at least till AT&T's exclusive contract runs out).
spoorthy: This is at least 200$ overpriced. It should have been priced like another compact mega zoom but you can olso use it as an android. At this price you can get a nexus 7 and a super zoom. I at least they had the sense to open source the software
A generic android is open source, the details of the specific hardware drivers are not necessarily open source unless the manufacturer feels like it (apparently Samsung does feel like it, but Nkon doesn't).
black pearl: Samsung are sending me one for free to use as a personal camera and to help get myself and my staff familiar with it so we can easily answer customers questions about the device and it features. Personally I'm excited with the concept - a decent P&S compact that you can immediately edit and share images with. No need for a tablet or a laptop, a huge choice of apps and a web browser. Could end up being the perfect day-to-day camera.
I hope you are (or can find) an android developer to discover if all the camera features are available for developers, or if it is crippled like the Nikon S800c.
My biggest question is if android developers will be able to get the tools needed to access the full feature set of the camera? The furshlugginer Nikon S800c only allows you to take max 8 MP size images in the standard android Camera interface (and so far no SDK info has appeared on the Nikon web site). I certainly hope Samsung doesn't make the same mistake or android cameras may die off because nobody wants to develop hamstrung apps for them.