HTC cites that a 'humongous' effort is going on with respect to G-phone.. http://www.theage.com.au/news/biztech/google-phone-project-a-humungous-effort/2007/11/08/1194329360748.html
And they have clearly said that G-phone as such would not be out till late 2008 ..
So, more speculation time :)
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