Yes, there are number of Dual SIM phones but most of them are piece of craps from China. also most of the dual SIM phone are regular phones, not smart phone. However Motorola has released a new smart phone with Android OS and it supports Dual SIM. it has a 2.8 inc hTFT capacitive touchscreen and a full QWERTY keypad. the screen resolution is 240 x 320 pixels which is quite low. Unlike many other Motorola Android phones, Motorola Fire XT has a new user interface called Moto Switch UI.
Motorola Fire XT has 150MB internal memory and it supports up to 32GB memory cards. the main camera is 3.15MP and it can record VGA quality videos. even if this is a smart phone, it's going to be quite cheap. however it has all smart phone features like GPS, radio and a digital compass.