The Conquer 4G is a powerful device, and cheaper than most other comparable smartphones. Photo courtesy of Sprint.

If you can’t beat ‘em with power, beat ‘em with price. So goes the philosophy on Sprint’s latest Android smartphone release.

Sprint announced on Friday the Samsung Conquer 4G, Sprint’s first 4G-ready smartphone to launch on its Wi-Max network for $100. Add to that a mail-in rebate redeemable shortly after release, and the phone ends up costing a cool 50 bones. For a smartphone capable of connecting to next generation network technology, the price is tough to beat.

Along with the release of multiple high-end smartphones this year, manufacturers are producing a range of cheaper low-end devices to capture all segments of the market. Motorola’s XT31 — a device with a hardware profile similar to the Conquer — debuted on Thursday. And recent rumors suggest a low-end version iPhone may debut upon the eventual release of the iPhone 5.

Sprint’s Conquer, however, comes with a number of more impressive hardware attributes than other low-end devices. For one, it’s got both front and back-facing cameras — 1.3 and 3.2 megapixels, respectively — which you don’t often see on sub-$100 devices. It’s also powered by a 1-GHz processor, comes with a microSD slot expandable up to 32GB, and can act as a mobile hotspot capable of supporting up to five wireless devices. To boot, the phone ships with Android version 2.3 (Gingerbread), an attribute that even some of today’s most powerful

But it’s not about the hardware. The device’s 4G connectivity is the main draw, especially considering Sprint’s continued unlimited data plan policy — the company is the only hold-out

The phone hits Sprint retail and online stores on August 21.