Google phone, Nexus One or N1 running Android 2.1 will be officially revealed on 5th January 2010. The unlocked Google One will cost 53 0USD and 179USD for 2 years contract with T-Mobile (79.99 monthly).
Many has said that Nexus One will compete 1 to 1 with Apple Iphone. But let us wait until it's officially release either it's really an Iphone contender or it will stand on it's own territory.
For Nexus One early review, check out this video