We’ve been hearing rumors of the new Pearl’s GPS and WiFi capabilities for a while now; at last, we seem to have confirmation that both rumors are true. There’s a catch, however: the two are mutually exclusive. BlackBerry fan site Pinstack got some hands on time with one of the new Pearl 2 units and reports that two models of the 8120 will be produced–one with WiFi and one with GPS. That means that carriers will likely be forced to decide which model to carry. Apart from that gut-wrenching decision, however, things are looking pretty keen, with an improved version of SureType, a revamped email display, a new keyboard layout and a 3.5mm headphone jack all set to arrive with the radically thinner Pearl. No official word yet on a release date or pricing, though Sprint is rumored to be releasing the GPS-equipped version during Thanksgiving week.

For more on the new Pearl and lots of photos:
– see this thread from the Pinstack forums