Here’s something to look forward to: Nokia and Kodak have entered into a patent license agreement allowing each party access to each other’s intellectual portfolio. The new understanding between the mobile phone giant and imaging veteran will be beneficial for both companies, although royalty bearing will go to Kodak.

Based on what was disclosed, we can guess that Nokia will be showcasing a Kodak-powered camera phone down the road. It would be cool if Nokia produced such a product considering how camera phones are becoming more and more technologically advanced that they’re almost on par with consumer compact digital cameras. Just take a look at the LG Renoir and you’ll know what I’m talking about.

Hopefully, the Nokia-Kodak team-up will turn out an equally impressive camera phone in 2009 to compete with the impressive Sony Ericsson Cybershot collection has lined up for next year as well. Then the true camera phone battle shall begin.