Microsoft is currently holding a live media event in San Francisco to unveil a new product, widely believed to be the Pink project, the successor to the Sidekick platform.

The product, named Kin picks up where the Sidekick leaves off. Due in May 2010, the device is essentially a phone with a browser and camera built in. The device will launch on Verizon, although no plans or pricing has been announced yet.

I’m having a little trouble understanding what sets this product apart from other regular phones or smartphones, but Microsoft notes that the device is capable of streaming media from a Zune, so U guess there’s some added value for the eight or nine people out there that purchased Zunes.

The Kin is available in two models, the unimaginatively named Kin 1 and Kin 2. Both feature slide out keyboards, the Kin 1 is smaller and rounder while the Kin 2 has a bigger screen with a horizontal keyboard for the hardcore typists.

One major aspect of the Kin that Microsoft is pushing is the Spot feature – by dragging any content you can see on the phone to the Spot you can share it among a number of different social networks.

The look and feel of the interface hints at the previewed Windows Phone Series, with it’s bold, blocky design, but from the brief outline seen in the videoes, appears to fall short on usability.