There's a lot going on, but here goes nothing: 

Google PR:

A broad alliance of leading technology and wireless companies today joined forces to announce the development of Android, the first truly open and comprehensive platform for mobile devices. Google Inc., T-Mobile, HTC, Qualcomm, Motorola and others have collaborated on the development of Android through the Open Handset Alliance, a multinational alliance of technology and mobile industry leaders.

This alliance shares a common goal of fostering innovation on mobile devices and giving consumers a far better user experience than much of what is available on today's mobile platforms. By providing developers a new level of openness that enables them to work more collaboratively, Android will accelerate the pace at which new and compelling mobile services are made available to consumers.

With nearly 3 billion users worldwide, the mobile phone has become the most personal and ubiquitous communications device. However, the lack of a collaborative effort has made it a challenge for developers, wireless operators and handset manufacturers to respond as quickly as possible to the ever-changing needs of savvy mobile consumers. Through Android, developers, wireless operators and handset manufacturers will be better positioned to bring to market innovative new products faster and at a much lower cost. The end result will be an unprecedented mobile platform that will enable wireless operators and manufacturers to give their customers better, more personal and more flexible mobile experiences.

Thirty-four companies have formed the Open Handset Alliance, which aims to develop technologies that will significantly lower the cost of developing and distributing mobile devices and services. The Android platform is the first step in this direction -- a fully integrated mobile "software stack" that consists of an operating system, middleware, user-friendly interface and applications. Consumers should expect the first phones based on Android to be available in the second half of 2008.

The Android platform will be made available under one of the most progressive, developer-friendly open-source licenses, which gives mobile operators and device manufacturers significant freedom and flexibility to design products. Next week the Alliance will release an early access software development kit to provide developers with the tools necessary to create innovative and compelling applications for the platform.

Android holds the promise of unprecedented benefits for consumers, developers and manufacturers of mobile services and devices. Handset manufacturers and wireless operators will be free to customize Android in order to bring to market innovative new products faster and at a much lower cost. Developers will have complete access to handset capabilities and tools that will enable them to build more compelling and user-friendly services, bringing the Internet developer model to the mobile space. And consumers worldwide will have access to less expensive mobile devices that feature more compelling services, rich Internet applications and easier-to-use interfaces -- ultimately creating a superior mobile experience.

Google blog:

Android is the first truly open and comprehensive platform for mobile devices. It includes an operating system, user-interface and applications -- all of the software to run a mobile phone, but without the proprietary obstacles that have hindered mobile innovation. We have developed Android in cooperation with the Open Handset Alliance, which consists of more than 30 technology and mobile leaders including Motorola, Qualcomm, HTC and T-Mobile. Through deep partnerships with carriers, device manufacturers, developers, and others, we hope to enable an open ecosystem for the mobile world by creating a standard, open mobile software platform. We think the result will ultimately be a better and faster pace for innovation that will give mobile customers unforeseen applications and capabilities.

We see Android as an important part of our strategy of furthering Google's goal of providing access to information to users wherever they are. We recognize that many among the multitude of mobile users around the world do not and may never have an Android-based phone. Our goals must be independent of device or even platform. For this reason, Android will complement, but not replace, our longstanding mobile strategy of developing useful and compelling mobile services and driving adoption of these products through partnerships with handset manufacturers and mobile operators around the world.

It's important to recognize that the Open Handset Alliance and Android have the potential to be major changes from the status quo -- one which will take patience and much investment by the various players before you'll see the first benefits. But we feel the potential gains for mobile customers around the world are worth the effort. If you’re a developer and this approach sounds exciting, give us a week or so and we’ll have an SDK available. If you’re a mobile user, you’ll have to wait a little longer, but some of our partners are targeting the second half of 2008 to ship phones based on the Android platform. And if you already have a phone you know and love, check out mobile.google.com and make sure you have Google Maps for mobile, Gmail and our other great applications on your phone. We'll continue to make these services better and add plenty of exciting new features, applications and services, too.

Related: Introducing Android (YouTube video) 

Related: Android (Open Handset Alliance)