What's in a name? When it comes to the code "Gandolf" Palm is rumored to have chosen for its upcoming device, perhaps a lot.

Unauthorized images of the device -- expected to be available with Palm and Windows Mobile operating systems -- circulated the web this weekend. The form factor is miniature compared with currently available Treo smartphones. Yet the device has features of larger devices, including a touch screen, camera and qwerty thumb-board, this time with sparkling translucent keys.

So why may the name be meaningful? According to Wikipedia, the Nordic (Viking age) name "Gandalfr" is made up of the words gandr meaning "magic" and alfr meaning "elf" or "being." The name has also been associated in literature with power and wizardry. Hence the code name may refer to strong specifications in a tiny form factor.

The first character named Gandalfr is thought to have appeared in a Viking Age poem Völuspá of the Elder Edda. As the story goes, shortly after the universe was created, a golden age of great abundance was brought to an end by mighty giants. It was restored by Gandalfr, a dwarf, and other magical beings. More recently, the Lord of the Rings trilogy told a similar story, except that Gandolf was the name for a powerful wizard who interacted with dwarfs and was not a dwarf himself.

Does the Old Norse story sound familiar in context of Palm? The smartphone universe is new, Palm has enjoyed record unit sell through rates and profitability, but is under attack by giant companies Motorola, Apple and RIM, to name a few. Palm projected slower sales and profitability on their last investor relations conference call, and may be betting on a powerful little device to restore them to prosperity.

Will Gandolf live up to its name? The form factor is not innovative. It's reactionary to smaller shapes introduced last year by Motorola and RIM, including the Q and Pearl. It's not a direct competitor with Apple's iPhone, which has strong multimedia capabilities and an on-screen keyboard that provides users with substantially more screen real estate. However, packed with enough power in a tiny form factor, Gandolf may be very appealing to customers who want superb convergence in a razer-sized device.