5 Hot Devices From Mobile World Congress (Update 1)

Updated from 11:16 a.m. EST to provide analyst comments regarding Nokia's product launch in the ninth and 10th paragraphs.

NEW YORK ( TheStreet) -- The Mobile World Congress event, which kicked off in Barcelona this week, is a chance for consumer electronic companies to show off their latest and greatest tablets and smartphones.

As rivals scramble to compete with Apple's ( AAPL) increasingly popular iPhone, companies like Samsung, HTC, and Nokia ( NOK) are showing off their newest gadgets.

One key trend at MWC; companies trying to pack more features into their offerings without significantly raising prices amidst a weak global economy. There is, however, innovation on show at this year's event, as evidenced by Nokia's attempt to revolutionize smartphone camera technology and Samsung's buzzed-about "projector phone."

Here are five of the most exciting products from the 2012 Mobile World Congress:

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