LG’s Optimus 7 (aka the LG E900) has arrived, taking its place amongst a wave of new smartphones running on Microsoft’s latest operating system, Windows Phone 7 (WP7).

The device is LG’s first mobile phone to run on WP7 and is the result of close collaboration between the two companies.

The Optimus 7 is packed with the company’s “exclusive” features says LG, features that include LG’s “Play-To” DLNA (Digital Living Network Alliance)-based technology, augmented reality and Voice-to-Text translation.

Play-To makes it possible to instantly share and transfer multimedia files (including 720p HD videos, high-resolution photos and music files) between the Optimus 7 and DLNA compliant digital devices with just a flick of a finger.

“The Voice-to-Text feature will be a godsend for text addicts,” said LG in an October 11 announcement, “allowing voice to text transcribing for Facebook and Twitter updates, emails or memos for a convenient hands free experience.”

The QWERTY slider has a 3.8 inch capacitive LCD display with 800 x 400 pixels, a 5 MP camera with LED Flash and 720p video recording, 16GB of internal memory, an accelerometer, proximity sensor and ambient light sensor, and access to Microsoft’s Xbox LIVE and Zune services.

Manufacturers such as Samsung, HTC, Asus and Dell are putting their final touches on WP7 devices. Meanwhile Microsoft CEO Steve Ballmer is getting ready to unveil further details about the WP7 launch at a press conference in New York on October 11.

Interested consumers can watch the Microsoft and Windows Phone 7 press conference live on Monday October 11 at 9:30 AM EDT (1:30 PM GMT) here: http://www.microsoft.com/presspass/presskits/windowsphone/

The Optimus 7 will start shipping in the fourth quarter of 2010. Pricing information has not been revealed.