  XMM-Newton observed the accreting millisecond pulsar SAX J1808.4-3658 during
its 2008 outburst. We present timing and spectral analyses of this observation,
in particular the first pulse profile study below 2 keV, and the
high-resolution spectral analysis of this source during the outburst. Combined
spectral and pulse profile analyses suggest the presence of a strong unpulsed
source below 2 keV that strongly reduces the pulsed fraction and a hard pulsed
component that generates markedly double peaked profiles at higher energies. We
also studied the high-resolution grating spectrum of SAX J1808.4-3658, and
found several absorption edges and Oxygen absorption lines with whom we infer,
in a model independent way, the interstellar column densities of several
elements in the direction of SAX J1808.4-3658.
