According to the Wall Street Journal, Google has invested "hundreds of millions of dollars in the cell phone project." T-Mobile USA and Verizon Wireless have both reviewed prototypes of handsets from Google--the company hopes multiple manufacturers will make the phones and multiple carriers will offer them. (Article)
Back in January, the WSJ claimed the Google phone wouldn't be available until next year--at the earliest. However, in August media outlets began claiming that Google would be launching its handset in September. (Article)
As the end of September draws closer, and the gPhone is still nowhere to be found, Google is not sitting around idly. Google has been busily working on mobile search (article), mobile payment systems (article, article), speaking with carriers (article) and even stirring up the pot in the 700 MHz auction (article).
With all this activity, the Google Phone release must be right around the corner.