Earlier this year, we caught a glimpse of the Garmin nuvifone, proclaiming that it could very well be the best iPhone competitor to date. At the time, we had an idea what the spec sheet would look like, but we were left scratching our heads over how much the thing would cost. Well, that information seems to have leaked itself out too.

Current word on the street is that AT&T will be launching the Garmin nuvifone later this year for $499.99, assuming that you’ll sign up for a two-year contract. The other part of the equation is that you’ll be able to add the $19.99/month option to get unlimited Internet and GPS navigation. This option goes on top of a voice plan, of course.

As you may recall, the Garmin nuvifone comes with HSDPA, WiFi, a 3-megapixel camera, and — of course — integrated Garmin GPS navigation. Is it worth the premium over the iPhone to get real-time GPS? What if the 3G iPhone brings navigation to the table?