Eventually decided to go with the 5700, mainly because it runs S60 9.2, has an ARM11 processor @369Mhz, has a QVGA LCD while also supporting 3G and being compatible with the Nokia Wireless GPS module. I guess the only thing it lacks is Wi-FI but I guess you can't get everything for such a price.
One thing to note is that the 5700 has been discontinued a few months back, so its very difficult to get it from some of the local stores. I managed to get it online from the Mobile Store for Rs.9999 since it was not available even at my local Mobile Store. Now I am simply waiting for it to be delivered, hopefully by tomorrow.
Thank you everyone for your contribution.