According to the specs Engadget obtained, it is a better device, but more evolutionary than revolutionary. The device dimensions are very similar, as is its design, something fellow blogger Eric Zeman thinks was a big mistake on HP's part. I tend to agree. Unlike the iPhone, the original Pre wasn't a spectacular success and the Pre 2 even less so. Why stick with a formula that isn't working. As for the rest of the specs, the processor is faster at 1.4GHz vs 1.0GHz for the Pre 2. The resolution is higher too. The Pre 2's 3.1 inch screen has a 480x320 while the Pre3 has an 800x400 resolution on a 3.5 inch screen. That is certainly better, but doesn't match the resolution of the iPhone 4 which has a 960x640 resolution on a 3.5 inch screen.
The Veer is the second phone and is the replacement for the Pixi. It is similar in width to the Pixi but much shorter as the Veer sports a slide out keyboard similar to the Pre. The internal specs have been beefed up though. RAM was doubled to 512MB, the camera is up from 2MP to 5MP and 802.11n is supported in addition to b/g.
The question is, will these phones breathe some life back into the anemic market share that webOS currently has? WebOS fans certainly have something to cheer about, but I am not sure those using competing phones will find much reason to cross over.