We're not in Kansas anymore

According to The Wall Street Journal, "Google has invested hundreds of millions of dollars in the cellphone project" - and for good reason.

A Google handheld is apparently "in the planning stages, and wouldn't be available to consumers until next year at the earliest."

Google has not confirmed talk about the handheld, but CEO Eric Schmidt did discuss mobile ad-serving in greater length, noting that "What's interesting about the ads in the mobile phone is that they are twice as profitable or more than the nonmobile phone ads because they're more personal."

As for concerns about competition from the iPhone, the search giant may find a way to strike a harmonious balance. Apparently four of Apple's directors (there are eight in total) also serve directors or advisers with Google.

For his part, Eric Schmidt is counted in the roll call for Apple's board of directors.