The "Googlephone", or the T-Mobile G1 phone, based on the Google Android operating system is out. The hardware is manufactured by HTC, and the phone was known as the HTC Dream until it morphed into the Googlephone.
You can check a detailed review here. The phone costs $179 in the US with a 2-year T-mobile contract. HTC plans to bring the phone to India somewhere around December with a carrier contract, but the price is almost certain to be higher than that in the US.
The reviews are generally positive, with praise for the operating system mixed criticism for the few odd glitches and rough edges.
But after all, this is a Linux based smartphone, with an OS developed by Google, and houses all the features I would ever need. It doesn't need much more than that to become my dream phone! If by a rare chance HTC prices this phone well in India, I would certainly go for it.
Check this page for an online simulation of the phone.