For a long time now there has been speculation that Google would be releasing a mobile phone. Those rumours were put to bed yesterday with the official announcement.
NYT Article (http://www.nytimes.com/2007/11/05/technology/05cnd-gphone.html?_r=1&oref=slogin)
CNet's angle on the subject (http://www.news.com/Googles-Android-has-long-road-ahead/2100-1038_3-6217131.html?part=rss&tag=2547-1_3-0-20&subj=news)
Open handset Alliance overview (http://www.openhandsetalliance.com/android_overview.html)
Ya, not a mobile phone though. As an operating system.
There will be more info on it released in a week, however no devices are scheduled to ship till Q2 2008.
Early days yet to be sure. I think it seems like older news because of the rumour mill.
More Info released and videos of some basic functions.
http://www.engadget.com/2007/11/12/googles-android-os-early-look-sdk-now-available/
SDK
http://code.google.com/android/
Neat stuff!
All of the Official YouTube videos
http://www.youtube.com/user/androiddevelopers
They have a complete demo of how to build a simple app that can list contacts and dial them useing nothing but eclipse and their SDK. Does it in just under 8 min, with some small code snip its.