We just blogged about how the Windows Mobile 5 based Palm Treo 700w is being launched sometime in January, however, our friends over at Engadget are reporting a rumor that it will be launched on January 5th. Supposedly you will be able to pick up a Treo 700w for $619.99 with no contract, $549.99 with a one year contract, or $499.99 with a two year contract from Verizon.