Though the rumor has been flying around for a while, we have yet to see an actual design for the suggested "Google-phone" until recently. Supposedly a design group by the name of "Ammunition" (who have worked with companies such as Palm, HP, Dell, and Logitech) is undertaking the endeavor of creating a beautiful competitor against Apple's touted iPhone. So far, it looks good, even if this is probably a prototype of a prototype.
Update: It looks like the above is a Sprint model called "Clarity." The Google phone is suggested to feature a similar design philosophy of having multiple features, but a very simple and intuitive design.