The epic failure that was the Gizmondo handheld has seemingly not deterred Media Power from claiming that Gizmondo 2.0 is set to launch THIS SIDE of Christmas 2008.

You may remember that the first attempt to bring the Gizmodo console to market back in 2005 fell apart amidst a litany of massive financial embezzlement, high speed Ferrari Enzo crashes, impersonating antiterrorism officers, and the bog-standard standard guns and drugs charges (in addition to further accusations that Gizmondo was guilty of incredible levels of nepotism and that the Swedish Mafia were deeply involved in the project).

If you missed out on the fun and games of watching a struggling games company fail spectacularly all those years ago, then Wired has the full story. Still a cracking read!

Gizmondo 2.0 rises from the flames

Fast forward to today and Rich Jenkins, CEO of Media Power has shown off the latest Gizmondo handheld console to Swedish journalist Hans Sandberg.

The surprise this time around is that the unit looks suspiciously exactly like a three year old failed handheld console. That's right – the Gizmondo 2.0's form factor appears to be pretty much exactly same as its predecessor.

Jenkins shrugs this off by claiming that the major changes to the handheld are all internal, with new graphics hardware from nVidia, an improved battery, and making use of Google's Android mobile operating system (or you can opt for a version running Windows CE, should you so wish).

Jenkins goes on to claim that a deal with a Chinese manufacturer is now in place. Stay tuned for more on the bizarre re-emergence of Gizmondo as and when we get it.