Google Phone

It's here! It's here!! T-Mobile, Google and HTC took the wraps off the so-called "Dream" smart phone this morning at an event in New York, offering the latest competitive threat to Research in Motion's BlackBerry juggernaut and Apple Inc.'s iPhone.

The "Dream" name disappeared this morning, in favor of T-Mobile's "G1" moniker instead, a nod to the first handset powered by Google's mobile operating system dubbed Android. And now the market has to weigh whether this is merely another competitor available, or everything Blackberry and iPhone aren't.