With all the hoopla surrounding Apple’s newest iPhone operating system and Palm’s upcoming Pre, Dell’s proposed venture into the smartphone universe has been overshadowed. Largely, that’s because Dell hasn’t introduced anything — yet.

The original release date for a device was rumored to be in February. When a predicted smartphone didn’t materialize at Mobile World Congress last month, rumors started swirling. Observers say that the design was uninspired, and that carriers were not properly incented to offer the device.

It’s a crowded field out there, with computer manufacturers such as Acer, Asustek and Lenovo improving their offerings as manufacturers chase the uber-popular iPhone for popularity and design savvy. Palm, too, is feeling the pressure as it readies its long-awaited Pre in the next few months.

In fact, Dell couldn’t distinguish itself from the competition, according to a research note from Shaw Wu, analyst at Kaufman Brothers. “We hear Dell built prototypes with both Windows and Android operating systems, but the feedback was lack of differentiation versus current and upcoming products from HTC, Samsung, LG, Nokia, Motorola, etc.,” Wu wrote. “We are also hearing the upcoming PalmPre has not helped, generating interest from carriers as a viable competitor. ”

So it’s back to the drawing board, more or less, for Dell, which will have to address how to gain carrier interest and also earn a profit. Wrote Wu: “In our view, the last thing Dell needs is to enter another money-losing business [i.e., it entered the printer business a few years ago] as it aims to preserve its operating margins of 5 percent to 6 percent, compared to peers HP at 11 percent, and IBM at 15 percent.”

[Thanks: http://www.crn.com]