During the taping of The Engadget Show, Microsoft’s Aaron Woodman pulled out the first ever Windows Phone 7 Series prototype from LG for everyone to get excited about. While it’s a mere prototype that may go through substantial changes, Engadget has disclosed a few facts about the unit.

The phone is slightly thicker than Apple’s iPhone and Google’s Nexus One, packs a 5-megapixel camera with flash, offers dedicated buttons for camera, volume and power, and there are the Microsoft required back, home and search buttons on the LG handset.

More information on this is coming soon. Stay tuned. The first set of Windows Phone 7 Series phones are expected to hit retail shelves in September 2010.