Novatel Wireless last week announced it will release the MiFi, a portable wireless router that will deliver wireless 3G data network access to multiple users in a small area. Much the same size as a credit card, the sleek looking MiFi will let users select access to EVDO or HSPA high speed data networks.

This “cloud” of high-speed Internet connectivity that MiFi offers can be shared not only between users, but between devices such as laptops, cameras, gaming devices and multimedia players. Perfect for carpooling and relieving boredom in the back seat during that long road trip with kids – think Nintendo DS or Sony PSP – the MiFi will support up to five users simultaneously.

The pocket sized MiFi is capable of connecting users and devices

In addition to being a portable Internet hotspot, the EVDO blog notes that the MiFi has an onboard Linux processor capable of hosting software applications and additional content storage capabilities via MicroSD.

Novatel claims the internal battery will provide over forty hours standby and up to four hours of active use on a single charge, and that certain configurations will support applications like auto VPN, automatic syncing of e-mail and remote management capabilities.

The MiFi will be available in the first quarter of 2009 through a variety of retail outlets and Engadget reports the MiFi should be priced under $300.