Open source mobile phone outfit OpenMoko, which has been cooking a Linux-based touchscreen device for well over a year now, has finally unveiled its mass market gadget, the FreeRunner.

Based on the Neo 1973, which proved immensely popular with the open source development community when it was launched in late 2006, the FreeRunner rolls all the latest features into a consumer friendly package.

The FreeRunner uses a similar formfactor to the Neo, with a 2.8″ VGA touch screen, A-GPS, 128MB of memory, a microSD card slot, Bluetooth and USB, as well as adding wifi and motion sensors and a faster 500MHz processor.

FreeRunner will come in two versions: a 850MHz tri-band and a 900Mhz tri-band.

“FreeRunner’s a significantly improved device from the Neo 1973. Our developers gave us great feedback as they explored the first version of the device,” said Steven Mosher, VP of marketing for OpenMoko. “We added wifi, motion sensors, faster processing, and improved graphics, creating a compelling mass market device for open source development. The open source community was key in achieving that goal. Without them this remix of the Neo would not have been possible.”

The FreeRunner was previewed at CES in Las Vegas this week and will ship later this spring