So the Nokia Lumia 900 wasn’t quite the 4G beast we were expecting. Good news, though, as HTC and Telstra have teamed up for a new phone that takes advantage of hyper-fast speeds and a 16 megapixel camera.

Launched this week, the HTC Titan 4G is being called “Australia’s first 4G Windows Phone”, as it’s the first Windows-powered handset released locally to support Telstra’s high-speed LTE network.

The phone is also one of the larger Windows devices released in the country, sporting a 4.7 inch Super LCD touchscreen, 1.5GHz processor, and an impressive 16 megapixel camera with dual LED flash and 720p HD video capture.

A 1.3 megapixel front facing camera is also thrown in for video conferencing, as is WiFi, Bluetooth 2.1, DLNA, GPS, and the latest version of Microsoft’s mobile OS, Windows Phone 7.5 “Mango”.

“We have already seen how 4G speeds improve the smartphone experience and when you include the benefits of an easy user interface, a 16 megapixel camera and all the great Microsoft applications, you have a really compelling smartphone,” said HTC Australia’s Ben Hodgson.

The high connectivity speeds on offer from this phone depend on where you are, but from what we saw in our tests with both the HTC Velocity and the Telstra 4G Mobile Hotspot, you’re going to get a very fast net connection if you’re close to the CBD of a major city in Australia.

HTC says that customers close to the city should reach download speeds ranging from 2Mbps to 40Mbps, with 3G speeds ranging from 1.1Mbps to 20Mbps. At the moment, Telstra is the only telco in Australia to support a 4G network, meaning you’ll need a Telstra account to grab these high speeds, but since this is currently exclusive to the big T, that shouldn’t be a problem.

There’s no outright price right now, but Telstra will be releasing this from May 29 for $0 on a $79 plan for both consumers and business users.