Nokia's Italian online shop currently has the SIM-free N85 listed as "in stock" with a price of 439 euros plus taxes, so presumably the handset's Europe-wide release is imminent. (Thanks to WhoUnregMe for pointing this out.)
The 549 price includes Italian VAT, but different countries have different levels of taxes so it's more helpful to list the tax-free price and let people add their own local level.
It's only available as pre-order in the finnish Nokia webstore. They are not shipping it yet. My (finnish) operator Saunalahti expects to ship N85's in the end of October.
Its fairly clear why its been launched in italy first, they have DVB-H - so theres a clear differentiation between the N85/N96. which blurs somewhat in other regions.
so N85 isnt a threat to N96 - though to be honest in the high street (rather than in tech forums) the pushing of the handsets will be clearer. N96 will be sold as better - so people will buy them.