A leaked pic, maybe
(via Engadget)

Google's Andy Rubin (whose wireless-tech firm Android Google acquired in 2005) has a team of about 100 people at Google working on the "Google Phone," according to Simon Simeonov (via Search Engine Land). 

Other Google acquistions, such as Reqwireless and Skia, likely point to how Google's rumored mobile phone would look and operate, Simeonov writes, speculating that the phone's software would be based on Skia's: "Skia's first product, SGL, is a portable graphics engine capable of rendering state-of-the-art 2D graphics on low-end devices such as mobile phones, TVs, and handhelds."

There have also been rumors that Google and Samsung will together build a new phone, codenamed Switch (see photo).

Perhaps the most interesting aspect is the rumored go-to-market strategy: Google would build distribution relationships with multiple carriers by allowing them to minimize subscription and marketing costs; that is, Google would market the phone online, and carriers would fulfill.