The second Bada device looks likely to be the Samsung Wave 723 with reports stating that it is all set for a September launch - just before the Wave 2 (5250) and Wave 2 Pro (5330) hit the shops.
The Wave 723 has a 3.2-inch, WQVGA, TFT touchscreen display and has Wi-Fi, quad-band 2G, dual-band 3G and Bluetooth 3.0 connectivity.
There's also a 5-megapixel camera with an LED flash, a microSD slot and a calculator style leather flip cover.
The Wave 723 is believed to be a budget option (the WSJ says the launch price will be 240 euros) and will initially be on sale in Germany, followed by the rest of Europe after that. There are no plans for a US launch.
UPDATE: Samsung has issued the following statement:
"Samsung Mobile today announced the launch of the Wave 723 (Model : GT-S7230E), the newest smart phone based on its open smart phone platform, Samsung bada. The Wave 723 will be available starting in September 2010 in Germany and will be gradually rolled out to other European markets including Southeast Asia, the Middle East Asia, and Africa. The Wave 723 combines a crystal clear 3.2-inch TFT-LCD display with an application-centric interface that allows users to seamlessly and directly access applications that support their daily needs and lifestyles".