Google released their own branded phone, Nexus One. That is with 3.7" OLED screen and a 1GHz Qualcomm Snapdragon. So, it should be super fast, may be faster than iPhone 3GS too. The most impressive function is voice enabled keyboard. Rather than typing, you can speak what you want to type in a textbox.
But that is an interesting point Nexus is manufactured by HTC. I am thinking wheather it is a Google Version HTC phone, same as Google I/O = HTC Magic.

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Google Offical Blog