Or is it a phone that's also a camera?
Either way it's something new and exciting and it's sure gonna be turning some heads along the way.
It's coming out sometime in very late 2012, though I'm guesstimating that it will be more around early 2013.
Now, let's get to the specs of it:
As an OS it features Android 4.1 Jelly Bean with a 1.4GHz quad-core CPU, 8 GB of storage which you can expand via microSD and 3G/4G. Also, it has Wi-Fi, but that's the norm these days anyway.
And the business end of it:
A 16 megapixel BSI CMOS sensor with a 23mm wide-angle lens and 21x optical zoom.
All of that is controlled on it's 4.8-inch 1280 x 720 (308ppi) touch screen.
And now, a video.